Crypto majors trade flat despite stock rebound as markets factor in Biden's decision to step aside
Quick Take
- Crypto majors are trading flat, despite a rally in U.S. equity markets, as traders react to Biden stepping out of the electoral race.
- After last week’s capital exodus from equities, traders will be focusing on Monday’s earnings calls from major companies such as Tesla, Google and Visa.
Crypto majors have traded flat over the past 24 hours, despite a rally in U.S. equity markets, as traders reacted to President Joe Biden's announcement he was stepping out of the electoral race.
Prediction markets showed former U.S. President Donald Trump’s victory odds declined slightly on Sunday as Biden officially endorsed Vice President Kamala Harris. The move could also see slightly increased headwinds for traders betting on a Trump win. Fossil fuel providers and banking stocks could be buoyed by the potential loosening of regulations under a Trump-led government.
Equity indices gain in early trading
The S&P 500 rose on Monday, buoyed by a rebound in tech stocks, following last week's performance, which saw the index's worst weekly decline since April. The S&P 500 increased by 0.6%, while the Nasdaq Composite climbed 1.4%, in early trading on Monday.
Meanwhile, the Dow Jones Industrial Average remained flat. Nvidia surged 4%, regaining some of the ground lost in last week's 8% drop. Other major tech stocks, including Meta Platforms, Alphabet, and Apple, also gained more than 1%.
After last week's capital exodus from equities, traders will be particularly focusing on Monday's earnings calls from major tech companies such as Tesla, Google, and Visa.
Crypto majors trade flat despite stock gains
Cryptocurrencies had experienced strong bullish momentum since the assassination attempt on former president Trump last week, however, in the past 24 hours major tokens such as bitcoin and ether have traded flat. After the assassination attempt, bitcoin surged more than 18% to a daily high early on Monday of over $68,400.
However, the largest digital asset by market capitalization has since pulled back to change hands for $66,699, as of the time of writing, a decrease of around 1% in the past 24 hours, according to The Block's Price Page.
The global cryptocurrency market cap today stands at $2.55 trillion, a decrease of 0.3% in the past 24 hours, according to Coingecko data.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
