Gate.io Blog Daily News｜BTC Rebounds Above $71,000, Trump-Themed Coins See General Increase

Daily News｜BTC Rebounds Above $71,000, Trump-Themed Coins See General Increase

29 October 11:47

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![](https://gimg2.gateimg.com/image/article/173017376610.29.png)
##Crypto Daily Digest: BTC ETFs saw nearly $500 million in inflows, and Trump-themed coins broadly increased.
According to data from Farside Investor, U.S. <a href="/tr/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs saw a net inflow of $470 million yesterday, with BlackRock's IBIT accounting for $313 million. Meanwhile, U.S. <a href="/tr/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETFs saw a minor net outflow, negligible compared to the influx and trading volume of <a href="/tr/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs.

**Analyst Insight: Bitcoin is poised to reach a new all-time high this year**
Edouard Hindi, CIO of Tyr Capital, suggested that Bitcoin prices could surge ahead of the U.S. election on November 5. However, analysts warn of a possible sell-off in the days following the election, regardless of the outcome.

"In the days after the election results, profit-taking may pressure Bitcoin's price, but strong support below $60,000 will continue to encourage dip-buying," he added. Regardless of the election's outcome, Bitcoin could regain momentum in the medium term and aim for a new high in 2024.

**U.S. Election Approaches; Trump-Themed Meme Coins Surge**
According to Gate.io data, Trump-themed meme coins saw significant gains. On <a href="/tr/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>, TREMP rose 20.1% in one day, reaching a market cap of $38.72 million; TRUMP 47 on <a href="/tr/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> gained 169.9% daily, now valued at $7.68 million; MAGA on <a href="/tr/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> increased 24.1%, with a current market cap of $94.2 million.

**Liquidation Levels if Bitcoin Reaches a New High**
According to Coinglass data, if Bitcoin hits its historical high of $73,777, the cumulative liquidation pressure on short positions across major CEXs will reach $386 million. Conversely, if Bitcoin falls below $68,000, the cumulative liquidation strength on long positions will reach $486 million.
##Market Analysis: BTC Rebounds to $71,000, DOGE Surges 15%
**Market Highlights**
-DOGE, an iconic meme token, surged 15%, boosted by the upcoming U.S. election on November 5. Elon Musk, who has backed Trump, currently sees Trump leading. Musk's potential government efficiency department, abbreviated as DOGE, has fueled market speculation.

-Trump-linked election token MAGA surged 30% during the day, also buoyed by Trump’s perceived lead in the presidential race. MAGA stands for "Make America Great Again," Trump’s well-known campaign slogan.

-Fan tokens like SANTOS, LAZIO, and PORTO rallied, with SANTOS gaining over 100% within the day. As fan tokens typically have small market caps, they are susceptible to speculation and manipulation, so users should be aware of the risks.

**Market Trends**
-BTC surged back above $71,000, with a dominance rate approaching 60%, marking a three-year high amid substantial BTC ETF inflows.

-ETH followed the overall trend but saw smaller gains, with no new narratives or technological developments emerging on the Ethereum chain.

-Early altcoin leader POPCAT returned to its all-time high, with minimal movement among other altcoins.
##Macroeconomics: U.S. Stock Indices Close Higher, Trump-Themed Stocks Rally
U.S. stock indices closed higher: the S&P 500 rose 0.27% to 5,823.52 points, the Dow Jones gained 0.65% to 42,387.57, and the NASDAQ increased 0.26% to 18,567.19. The benchmark 10-year U.S. Treasury yield stood at 4.28%, while the 2-year yield, sensitive to Fed policy rates, was at 4.12%.

Chinese stocks on the NASDAQ Golden Dragon Index jumped over 4%, leading the market. Meanwhile, Trump-themed stocks surged amid rising expectations of a Trump victory. Trump Media & Technology Group saw a nearly 200% gain this month. International oil prices also dropped by over 6%, marking the biggest decline in more than two years as tensions in the Middle East eased.

Alongside the standout performance of Chinese stocks, Trump-themed stocks continued to strengthen. Betting markets show growing confidence in a Trump election victory, sending Trump Media & Technology Group up by 21.59%, with a cumulative monthly gain of 194.71%. Conservative media platform Rumble also increased by 14.08%, up 20.90% this month. Cryptocurrency stocks followed suit, with MARA Holdings, Riot Platforms, Canaan, and MicroStrategy all performing well.

<div class="blog-details-info">
<div>Author:** icing**
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

BTC/USDT + 0.65%

ETH/USDT -0.54%

GT/USDT + 0.28%

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Daily News｜BTC Rebounds Above $71,000, Trump-Themed Coins See General Increase

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