As the focus shifted to Vanguard, the crypto fear and greed index plunged
As most coins retreated, the crypto fear and greed index continued to fall, reaching the neutral 56 zone.
Bitcoin moved to $68,000, which is significantly lower than the $73,500 level this month. At the same time, the Ethereum token fell to $2,400, while the total market cap of all cryptocurrencies fell to $2.28 trillion.
Among the worst-performing coins are Grass, Solana, Goat and Sui, which are down about 10% over the past few months. Most of the time, when the fear and greed index moves into the fear zone, cryptocurrencies fall.
Trump's luck has fallen
These coins have fallen as investors look ahead to the US general election, which could decide regulations in the coming years.
Most cryptocurrency investors love Donald Trump's victory because he is one of them. He owns a crypto portfolio worth over $6 million and promises to be a crypto-friendly president. Polls show the election is close in most swing states, making it difficult to predict.
Polymarket, the biggest player in the prediction market, gives a 55% chance that Donald Trump will win the election. While that's a big number, it's down from last week's high of 67 percent, which means the odds are falling.
Therefore, the continued weakness of crypto is a sign that investors fear that Harris may win the election. This also explains why Trump Media & Technology (DJT) stock has fallen over the past few days. Similarly, Trump-themed coins such as MAGA, TRUMP and DJT fell by double digits.
In addition to the US election, cryptocurrencies will also react to the upcoming Federal Reserve interest rate decision, where officials are expected to cut interest rates by 0.25% after a 0.50% cut at the previous meeting. Most of the time, cryptocurrencies do well when the Fed cuts rates.
Read more: Traders are turning to the first-of-its-kind meme portfolio as markets turn lower ahead of the US election.
The Vantard coin offering is doing well.
Not all cryptocurrencies are struggling. Vantard, the Vanguard-inspired project is firing on all cylinders as its token sale accelerates.
The project has raised over $304,000 from investors, and may be the best performing ICO this year.
Vantard is doing well because of its promise to create a meme coin index fund. Historically, while most meme coins have no utility, they have a long history of beating popular coins like Chainlink, Solana, and Binance Coin.
Some of the more popular meme coins to see such as Popcat, Dogwhiphat, Goat and Brett have done well this year. It has risen more than 1,000% this year, bringing their total market value to more than $60 billion.
Vanguard is inspired by Vanguard, an eight-trillion-dollar juggernaut, mostly through ETFs and mutual funds. For example, the Vanguard S&P 500 Index ( VOO ) has accumulated more than $500 billion in assets, a figure that has grown over the past few months.
Vantard's top tokens will be $VTARD, which is made up of a basket of popular cryptocurrencies. Holders of the tokens can redeem money at the Treasury.
Therefore, Vanguard Token may continue to do well when the Federal Reserve lowers interest rates in the coming months. It will also benefit from the calm that came with the end of the election and the Santa Claus rally. Get more vantard here.
