Second Assassination Attempt on Donald Trump Causes Crypto Market to Bleed
Bitcoin and Ethereum Price Drops Prompt Liquidations
Leading cryptocurrencies have seen massive losses over the past 24 hours following an assassination attempt on Republican presidential candidate Donald Trump. As of this writing, the top two digital currencies, Bitcoin and Ethereum, have dropped 4.2% and 5.4% to $58,488 and $2,279, respectively.
Pi42 CEO Avinash Shekhar reported on X earlier today that the price drops have led to roughly $118 million in liquidations.
According to a CNN report, the assassination attempt happened at Trump International Golf Club in Florida. Fortunately, Service Service officers responded on time and took the suspect to custody. The FBI says it has launched investigations into the gun incident.
Meanwhile, the market is bleeding at a time when crypto enthusiasts are eagerly waiting for the US Central Bank to announce its decision on interest rate cut on Wednesday. There is a growing expectation that the Fed will cut the interest rate by 25 basis points, polls on Polymarket suggest.
Bernstein Urges Developers to Rebuild Ethereum’s DeFi Ecosystem
As crypto players await the Fed’s decision, analysts at Bernstein have urged developers to focus on rebuilding the decentralized finance (DeFi) sector on Ethereum, arguing that DeFi yield will look attractive once again if the Federal Reserve cuts interest rate.
But why on Ethereum? The analysts note that Ethereum has underperformed this year, and therefore, rebuilding its DeFi sector could attract institutional investors and large whales to the network, increasing the demand for ETH and thus prompting a rally.
Moreover, Bernstein says institutional investors and large whales are currently focused on Bitcoin ETFs. In its report, the asset manager stated that Bitcoin ETFs issued by Grayscale and Fidelity had collectively processed over $110 million worth of 7-day inflows. By comparison, Grayscale and Blackrock Ethereum ETFs have lost nearly $12 million in the past seven days.
How Have Other Top Cryptocurrencies Performed?
Most top-ten digital currencies by market capitalization have posted losses above 3%. BNB is down 3.5% to $545, Solana has dropped to $130 after recording a 4% loss, XRP has shed 3.7% of its value to trade at $0.568, while Dogecoin is changing hands for $0.101 following a 5.9% loss.
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