Ethereum

2024

Litecoin

Apple

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 <p class="paragraph">There has been a lot of talk about highly successful – and often suspiciously successful –&nbsp; stock market trades made by U.S. elected officials.&nbsp;</p>
 <p class="paragraph">Looking at the profits of various members of Congress, this is hardly surprising as, for example, Representative Brian Higgins had a return on investment higher than 200% in 2023, while Representative Nancy Pelosi made ten times her annual salary within four months on a single stock.</p>
 <p class="paragraph">Still, not all Congresspeople have the same uncanny talent – or uncanny access to insider information as some, including the “Wolf of Wall Street” Jordan Belfort would suggest – and Democrat Sri Thanedar, representing Michigan’s 13th congressional district, might have recently made the <a rel="noopener noreferrer nofollow" title="worst-timed" href="https://thebittimes.com/tag/worst-timed.html">worst-timed</a> <a rel="noopener noreferrer nofollow" title="trade" href="https://thebittimes.com/tag/trade.html">trade</a> of 2024 out of all his peers.</p>
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   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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   </svg> Picked for you</h3>
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    Machine learning algorithm predicts SHIB price on March 31, 2024 <span class="self-center text-xs text-slate-500">50 mins ago</span>
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    Avoiding common pitfalls: Essential tips for new <a rel="noopener noreferrer nofollow" title="trade" href="https://thebittimes.com/tag/trade.html">trade</a>rs <span class="self-center text-xs text-slate-500">3 hours ago</span>
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    Crypto open interest at all<a rel="noopener noreferrer nofollow" title="-time" href="https://thebittimes.com/tag/time.html">-time</a> high as $3 billion added in 24 hours <span class="self-center text-xs text-slate-500">16 hours ago</span>
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   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    How this cryptocurrency <a rel="noopener noreferrer nofollow" title="trade" href="https://thebittimes.com/tag/trade.html">trade</a>r made from $310 to $4 million in 3 months <span class="self-center text-xs text-slate-500">17 hours ago</span>
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 <h2 class="wp-block-heading" id="h-representative-thanedar-s-ill<a rel=" dofollow title="-time" href="https://thebittimes.com/tag/time.html" rel="noopener noreferrer nofollow">-timed-<a rel="noopener noreferrer nofollow" title="trade" href="https://thebittimes.com/tag/trade.html">trade</a>"&gt;Representative Thanedar’s ill<a rel="noopener noreferrer nofollow" title="-time" href="https://thebittimes.com/tag/time.html">-time</a>d <a rel="noopener noreferrer nofollow" title="trade" href="https://thebittimes.com/tag/trade.html">trade</a></h2>
 <p class="paragraph">Representative Sri Thanedar went on a selling spree on January 23 and 25, 2024, and offloaded stocks of a wide variety of companies, including well-known technology giants like Apple (NASDAQ: AAPL), electric vehicle (EV) household names like Elon Musk’s Tesla (NASDAQ: TSLA), and retail blue-chips like Walmart (NYSE: WMT).</p>
 <p class="paragraph">While the stock sales are interesting in their own right, with some being exceptionally well-timed and others rallying shortly after Congressman Thanedar sold, the most interesting – and unfortunate – trades came a few days later on February 5.</p>
 <p class="paragraph">Early in the second month of the year, the Representative sold up to $50,000 worth of Litecoin (LTC), up to $250,000 worth of Ethereum (ETH), and up to $500,000 worth of Bitcoin (BTC).</p>
 <p class="paragraph">Since the trade, BTC rose 55.98%, LTC 33.65%, and ETH 61.03%.</p>
 <p class="paragraph">On the high end, this means that Congressman Thanedar lost out on $452,000 by selling $800,000 worth of cryptocurrency on the high end and $208,000 on the low end by selling $365,000.</p>
 <h2 class="wp-block-heading" id="h-why-is-the-crypto-market-rallying">Why is the crypto market rallying?</h2>
 <p class="paragraph">What makes Representative Thanedar’s <a rel="noopener noreferrer nofollow" title="trade" href="https://thebittimes.com/tag/trade.html">trade</a> timing particularly strange is that it came shortly after a brief and severe crypto market wipe in the wake of the approval of nine spot BTC exchange-<a rel="noopener noreferrer nofollow" title="trade" href="https://thebittimes.com/tag/trade.html">trade</a>d funds (ETFs) in the U.S. and shortly before the ongoing bull run that has seen many coins and tokens surge to multi-year highs – with the performance of Ethereum, meme coins, and Bitcoin being particularly noteworthy.</p>
 <p class="paragraph">Indeed, at the time of publication, BTC is engaged in a struggle to reach and breach its all<a rel="noopener noreferrer nofollow" title="-time" href="https://thebittimes.com/tag/time.html">-time</a> high near $69,000.&nbsp;</p>
 <p class="paragraph">Since the start of the year, the coin has risen 50.63%, and the last 30 days of trading have been particularly interesting, with Bitcoin rapidly surging 55.98%.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/1IM-mF-X9mHfbYr6y0CYTs3XWnhXRWY_2_IN1HMlvj0vnvaGwEgoD7e4e81f0Wx3VtKZfeEPjUWNHLWuGtGkvQ-FJ9Px0oc9oGNbQ9i0G2t7akNy4Jtsf_2ZqvdZedsvM80hbKMz6hECzFcitLSLWxw" alt>
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   BTC 1-month price chart. Source: Finbold
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 <p class="paragraph">The latest full day on the crypto market, however, highlights that despite the momentum, the ecstatic attitude of the community, and the euphoria driven by the upcoming halving event, $69,000 is a hard level to reach, and Bitcoin retraced to $66,445 after briefly touching above $68,500 within the 24 hour period.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/this-is-the-worst-timed-congressional-trade-of-2024-tbt81630.html">https://thebittimes.com/this-is-the-worst-timed-congressional-trade-of-2024-tbt81630.html</a></p>

This is the worst-timed Congressional trade of 2024

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