Ethereum

2024

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 <p>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>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>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" href="https://thebittimes.com/tag/worst-timed.html">worst-timed</a> <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/trade.html">trade</a> of 2024 out of all his peers.</p>
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    Machine learning algorithm predicts SHIB price on March 31, 2024 <span>50 mins ago</span>
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 <h2 class="wp-block-heading" id="h-representative-thanedar-s-ill<a rel=">-timed-<a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/trade.html">trade</a>"&gt;Representative Thanedar’s ill<a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/time.html">-time</a>d <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/trade.html">trade</a></h2>
 <p>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>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>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>Since the trade, BTC rose 55.98%, LTC 33.65%, and ETH 61.03%.</p>
 <p>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>What makes Representative Thanedar’s <a rel="noopener noreferrer nofollow" 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" 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>Indeed, at the time of publication, BTC is engaged in a struggle to reach and breach its all<a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/time.html">-time</a> high near $69,000.&nbsp;</p>
 <p>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 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>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><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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