by Sunil Jagtiani
Bitcoin came close to $70,000 on Monday as a spurt of inflows into exchange-traded funds for the largest digital asset as well as optimism about the outlook for US regulations supported sentiment.
The cryptocurrency rose 1% before paring some of the gains to trade at $69,005 as of 7:20 a.m. in London. Smaller tokens such as second-ranked Ether and top-10 coin Solana oscillated in narrow ranges.
US spot-Bitcoin ETFs lured almost $2.4 billion of net inflows in the six days through Oct. 18, data compiled by Bloomberg show, partly on bets that US crypto rules will become friendlier after the Nov. 5 presidential election.
Republican candidate Donald Trump is avowedly pro-crypto, so much so that Bitcoin is viewed as a so-called Trump trade. Democratic rival Vice President Kamala Harris has vowed to support a regulatory framework for the industry. That contrasts with a crackdown on the sector under the Biden administration.
The two key market trends are the elections and the global macroeconomic environment, according to David Lawant, head of research at crypto prime broker FalconX. The Bitcoin options market indicates that “forward implied volatility is heavily clustered around the election day and somewhat subdued leading to it and some time after it,” he wrote in a note.
Bitcoin climbed nearly 10% in the seven days through Sunday, the original cryptocurrency’s best weekly performance in more than a month. ETF demand helped the token reach a record high of $73,798 in March. The rally cooled and Bitcoin last traded above $70,000 back in June.
Copyright Bloomberg News
Newbridge Securities failed to supervise advisors using margin in clients’ accounts, according to Finra.
With plans to retire, the outgoing president of the Texas-based IBD giant will be replaced by the giant RIA's current head of wealth management this spring.
The VIX, or so called "fear index," is shifting higher with increased market volatility, causing wealth managers to ready themselves for anxious client calls.
Canadian bank's capital markets arm reportedly failed to detect representatives' misleading disclosures involving $3 billion of mortgage-backed "sliver bonds" sold over a multi-year period.
Move marks the largest single batch of exits as the Franklin Templeton subsidiary continues to navigate fallout from alleged breaches by star manager Ken Leech.
AssetMark Group CEO explains why the great wealth transfer, succession planning, and personalization will be key for advisors in the new year.
A trust delivery model not only increases the value of an advisor and a firm but is also a natural addition to any firm’s succession plan.
