Ethereum

Bitcoin

Kamala Harris

Impact

<ul>
 <li>Jump Crypto’s asset transfers amid a CFTC investigation are contributing significantly to Bitcoin and Ether’s decline.</li>
 <li>Market dynamics are shifting from BTC-led to ETH-led, intensifying volatility amid broader economic and political uncertainties.</li>
</ul>
Despite Bitcoin and Ethereum ETFs likely joining model portfolios by the end of 2024 that we <a href="https://www.crypto-news-flash.com/blackrock-bitcoin-and-ethereum-etfs-likely-to-join-model-portfolios-by-end-of-2024/" rel="noopener noreferrer nofollow">discussed</a> earlier, the current crypto market shows significant declines. Bitcoin has dropped to its lowest level since February at $54,698, and Ether has fallen to $2,333.
This downturn is part of a broader crypto market selloff driven by various factors, including weak payroll numbers, significant asset movements by Jump Crypto, and rising uncertainty over the U.S. presidential election.
<h2 id="impact-of-jump-crypto-and-presidential-election">Impact of Jump Crypto and Presidential Election</h2>
Jump Crypto’s large-scale asset transfers, coupled with speculation about potential liquidations amid a CFTC investigation, have intensified the market’s volatility. Jung stated,
<blockquote>
 Jump Trading has been transferring ETH to a centralized exchange amid rumors that they may be forced to exit the crypto business due to a CFTC investigation.
</blockquote>
On the other hand, the growing support for <a href="https://www.crypto-news-flash.com/bitcoin-eth-xrp-crash-das-sind-die-gruende-ist-der-boden-erreicht/" rel="noopener noreferrer nofollow">Kamala Harris</a> in the presidential race is adding to investor unease. Jeff Dorman, CIO of Arca, stated in a recent tweet that increased backing for Harris could be “bad for crypto,” as the market tends to favor Trump. Dorman said,
<blockquote>
 Even if Democrats are less evil towards crypto, the entire equity and crypto market is favoring a Trump win,
</blockquote>
Furthermore, Keyrock’s Justin d’Anethan pointed out that “this market feels ETH-led, instead of BTC-led,” indicating a shift in market dynamics. Also, as investors navigate these turbulent conditions, they are closely monitoring the potential impact of <a href="https://www.crypto-news-flash.com/jump-trading-makes-waves-in-defi-accumulates-ldo-mask-and-perp-tokens-as-altcoin-market-bounces-back/" rel="noopener noreferrer nofollow">Jump Trading’</a>s situation and the possible effects of Mt. Gox redemptions on the market.
At the time of writing, Bitcoin is experiencing a severe dip of 17.54% in the past day and 27.90% in the past week, trading at $50,183.68.
Chart:
<div class="cryptoboxes" id="mcw-19491" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="bitcoin" data-symbol="BTC" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="month" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
</div>

Jump Crypto’s Asset Movements Fuel Bitcoin Drop Below $55K and Ether Slide Under $2,400

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