The largest cryptocurrencies are experiencing fluctuations as the new week begins, with analysts at Bernstein highlighting that investors are exhibiting a bullish behavior as the US presidential election approaches. Bitcoin has seen a slight decrease of approximately 0.1% in the last 24 hours, bringing its value to $68,331; however, it still boasts an impressive increase of over 5% within the past week.
Ethereum (ETH) has shown resilience, climbing 2.3% to reach $2,709 in the last day. Currently, the total global crypto market capitalization has risen by 0.6%, amounting to $2.33 trillion. The CoinDesk Market Index has mirrored this growth, also up by 0.6%. As elections in the United States draw near and Bitcoin once again attempts to reach its all-time highs, Bernstein analysts have conveyed their belief that the market leans towards a bullish outlook.
They advised clients to seek bitcoin long exposure through ETFs or bitcoin-related equities that they cover. Recent data from Farside Investors indicates that Bitcoin exchange-traded funds have experienced six consecutive days of net positive inflows as of last Friday, totaling over $2.13 billion. Additionally, Ethereum ETFs reported a net inflow of $78.8 million last week. Looking ahead, the Federal Reserve's Beige Book is scheduled for release on Wednesday at 2 pm ET.
This qualitative summary will outline the economic conditions observed by each of the Fed districts during the periods following hurricanes Helene and Milton. Furthermore, September existing home sales data will be released on Wednesday at 10 am, while new home sales data is expected on Thursday at the same time..