As a crypto investor with some experience under my belt, I’ve learned to keep an eye on global events that could potentially impact the market. The ongoing general elections in India and the resulting political uncertainty have certainly caused some volatility in both the stock markets and cryptocurrencies.
The Indian stock markets plunged by over 4400 points early on Tuesday, with intense competition between two major political parties during the ongoing vote count for the 2024 general elections causing significant market turbulence. Furthermore, cryptocurrencies experienced considerable price fluctuations on this day.
As a researcher, I am studying the voting process taking place in all 543 constituencies during India’s 2024 general elections. In this election, Prime Minister Narendra Modi is seeking a third term while leading the Bharatiya Janata Party (BJP) and its National Democratic Alliance (NDA) coalition. The opposition parties have come together under the banner of I.N.D.I.A., presenting a formidable challenge to the NDA in this electoral battle.
As an analyst up until 12 PM IST, I observed a fierce battle between the two political fronts. Meanwhile, India’s stock markets experienced a significant downturn on Tuesday, with the Sensex falling by a substantial 4464 points or 5.84%. Consequently, the index closed at around 72,025 points, just shy of its previous mark. The cryptocurrency market also displayed considerable volatility during this period.
As an analyst, I would describe it this way: The market’s early indications were unfavorable, with the Sensex dipping 183 points, or 0.24%, to 76,285.78 prior to the opening bell. Meanwhile, the Nifty saw a decrease of 84.40 points, amounting to a 0.36% drop, landing at 23,179.50.
As a crypto investor observing the stock market, I was taken aback by the sharp decline of the Sensex, which in turn caused turbulence in the banking sector. The nifty PSU Bank index plummeted by 5.33% to reach 7,579.75. Some major banks, including Bank of Baroda, Indian Bank, Central Bank of India, Canara Bank, and Punjab National Bank, experienced significant losses. Their shares dropped between 4.98% and 7.09%.
As a researcher studying the cryptocurrency market, I’ve observed some exhilarating fluctuations in Bitcoin‘s price and trading activity. Reaching an astounding high of $70,299, it then retreated slightly to $68.898. The trading volume for Bitcoin experienced a significant surge, increasing by approximately 43.20% to reach a substantial $30.47 billion. Such volatility can be attributed to market anxieties over recent U.S. inflation data and the eager anticipation of upcoming economic reports.
Ethereum experienced significant market activity. The value peaked at $3764.38 before dipping to $3,847.75. The SEC’s approval of Form 19-b for Ethereum Spot ETFs ignited increased trading, resulting in a 20.02% surge in its daily trading volume, reaching 13.93 billion.
As a crypto investor, I’ve noticed that while the market was in turmoil, Tether maintained its composure. Its value hovered around $0.9998 before settling at $0.9994. The trading volume for this stablecoin saw a significant increase of 17.45%, reaching 62.87 billion. It appears that numerous traders have sought refuge in Tether during these uncertain times, emphasizing the appeal of stablecoins.
As I analyze the ongoing counting process for India’s general elections, I anticipate that the repercussions of the results will extend significantly to the realms of Web 3 and blockchain technology.
Also read : Modi Mandate 3.0 : Future of Blockchain in India
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2024-06-04 10:12