Crypto Market Update

Crypto majors have traded flat over the past 24 hours, despite a rally in U.S. equity markets, as traders reacted to President Joe Biden’s announcement he was stepping out of the electoral race.

Prediction markets showed former U.S. President Donald Trump’s victory odds declined slightly on Sunday as Biden officially endorsed Vice President Kamala Harris. This move could also increase challenges for traders betting on a Trump win. Fossil fuel providers and banking stocks might benefit from the potential loosening of regulations under a Trump-led government.

Equity Indices Gain in Early Trading

The S&P 500 rose on Monday, buoyed by a rebound in tech stocks, following last week’s performance, which saw the index’s worst weekly decline since April. The S&P 500 increased by 0.6%, while the Nasdaq Composite climbed 1.4% in early trading on Monday.

Meanwhile, the Dow Jones Industrial Average remained flat. Nvidia surged 4%, regaining some of the ground lost in last week’s 8% drop. Other major tech stocks, including Meta Platforms, Alphabet, and Apple, also gained more than 1%.

After last week’s capital exodus from equities, traders will focus on Monday’s earnings calls from major tech companies such as Tesla, Google, and Visa.

Crypto Majors Trade Flat Despite Stock Gains

Cryptocurrencies had experienced strong bullish momentum since the assassination attempt on former president Trump last week, however, in the past 24 hours major tokens such as Bitcoin and Ether have traded flat. After the assassination attempt, Bitcoin surged more than 18% to a daily high early on Monday of over $68,400.

However, Bitcoin, the largest digital asset by market capitalization, has since pulled back to change hands for $66,699, reflecting a decrease of around 1% in the past 24 hours, according to The Block’s Price Page.

The global cryptocurrency market cap today stands at $2.55 trillion, down 0.3% in the past 24 hours, according to Coingecko data.