October Surge: BTC's Seasonal Highs and Post-Election Thrills Await
We are in $BTC dominance?!
The $Bitcoin(BTC.USD.CC)$ is ahead of the $.SPX(.SPX)$ and the $Gold - main 2412(GCmain)$ in October as signs mount that the regulatory outlook for the cryptocurrency sector in the US will improve after the upcoming presidential election.
October appears to be a seasonally strong month for BTC and post-election performances is also expected.
Data compiled by Bloomberg shows that October was a relatively good month for $Bitcoin(BTC.USD.CC)$ . At the same time, there is a data comparison shows that Bitcoin's post-election performance is also rising sharply, which is to be expected.
$Bitcoin(BTC.USD.CC)$ on average delivered a 20% climb during October in the past decade, making the month the strongest of the year seasonally for the original cryptocurrency, data compiled by Bloomberg.
“Historical data suggests that October’s seasonal strength in crypto markets is typically weighted toward the latter half of the month,” Sean Farrell, head of digital-asset strategy at Fundstrat Global Advisors LLC, wrote in a note.
News details:
Prediction markets have flipped in the past few days, assigning Trump higher odds of victory than Harris. Trump has vowed to make the US the “crypto capital of the planet” — an about-face given that the former president previously dubbed the sector a “scam.”
The digital-asset industry has become an influential player in the presidential election through big donations to political action committees. Crypto businesses are seeking friendlier regulations, pushing back against a crackdown by the Securities & Exchange Commission under Chair Gary Gensler.
Trump is viewed as the more avowedly pro-crypto of the two candidates. Democratic nominee Kamala Harris on Monday also pledged to support a regulatory framework for crypto.
Currently, data from the Polymarket shows that the number of bets on Trump's victory is higher than Harris by double digits.
Trade Trump concept stocks have risen, such as $Trump Media & Technology(DJT)$ $MicroStrategy(MSTR)$ etc.
You may have noticed the comanpanies that own bitcoins like $MicroStrategy(MSTR)$ , $Coinbase Global, Inc.(COIN)$,and $Marathon Digital Holdings Inc(MARA)$ have shown a surge in recent. （See the full list of top companies holding $Bitcoin(BTC.USD.CC)$）
What’s more, the US Bitcoin spot ETF had a net inflow of US$556 million yesterday, a high point in several months, according to HODL15Capital monitoring.
You are welcomed to take a look to the article generated by @ETF Tracker on Jan 11th 2024.
🎁Spot BTC ETFs To Pick? Choose Companies or Consider Fees?
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Data by Jan 11th 2024
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Thank you for sharing. I saw @ElliottForecast pointed that we do not recommend selling of $Bitcoin(BTC.USD.CC)$