Market muted
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 5th November 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
DOGE Surges In Relatively Calm Conditions
Election Day in the U.S. arrives with crypto eerily quiet. Traders nevertheless are bracing for volatility. Markets have taken a cautious, almost subdued stance, Bitfinex strategists said. These not-so-volatile conditions on the front-end of election week could persist until results start to roll in.
A win by the Republican candidate, ex-president Donald Trump, is viewed as likely to send Bitcoin surging to new highs. A win for the Democratic candidate, Vice President Kamala Harris, is widely perceived as a negative catalyst.
One large-cap token standing out from the pack is Dogecoin (DOGE). As of Monday evening, DOGE hit 16 cents after gaining 9% in 24 hours. Elon Musk's pet coin was the biggest-gainer among CoinGecko's Top 100.
"With the U.S. presidential election taking center stage this week, the price of DOGE is rising as Musk continues advocating for Trump," Decrypt said.
What's down
BTC Slips Below $67K
Bitcoin has shed 8% since the end of October when it flirted with a new all-time high. The low point yesterday afternoon saw BTC sink to $66,850.
Total global crypto market capitalization fell to $2.37 trillion as of Monday night. That represents a decline of 2.5% in 24 hours.
One trader told Benzinga that the next few days of price action "could be brutal."
What's next
Mixed Signals Abound As Decision Day Dawns
Quickly checking political memecoins on Monday night, election eve, Trump-themed tokens were on the rise. Maga (TRUMP) was up 7% over 24 hours, while Kamala Horris (KAMA) was tanking, down 20% in that same span. TRUMP has a decent-sized market capitalization (of $160 million); the latter, KAMA, has a puny cap of barely $10M. Still, KAMA has gained 60% in the past week while TRUMP lost 20% during the same span.
Crypto-based Polymarket as of Monday pegged Trump's chances at 58%. Those odds had been in decline over the past few days, but yesterday they ticked back up.
Five unknown, large investors account for more than half of Trump shares on Polymarket, per Cointelegraph.
Another platform, Kalshi, assigned Trump a 53% chance. Yet another, PredictIt, has Harris in the lead with a 53% chance, versus a 51% chance for Trump. Robinhood users had until 8 p.m. Monday to place bets on the election. In less than one week since Robinhood's election betting market opened, some 173 million contracts have been traded, with 90 million of them placed on a Harris win, versus 83 million placed on a Trump win, according to Fox Business.
An eleventh-hour PBS News/NPR/Marist poll showed Harris holding a 4-point lead over Trump among likely voters nationally.
On Saturday, the Des Moines Register dropped a surprise poll showing Harris leading in Iowa, a state Trump won in 2016 and in 2020.
Decrypt has canvassed AI models regarding who would win the U.S. presidential election.
"AI is now leaning towards Harris to win," Decrypt said.
