Scott Melker, host of The Wolf Of All Streets podcast, posted on X today, November 3, 2026, sharing an analysis from Bloomberg's Mike McGlone regarding the digital asset market's political leanings. McGlone questioned if "crypto's political alignment soon become a liability?" and stated that "The people in cryptos, that Faustian bargain. I still feel bad for the people who bought it because they thought it would go up, because the Trump administration said it would go up, and his son said it would go up, and they're all underwater."
Bitcoin is currently trading at $76,459, down 2.1% over the past 24 hours, while Ethereum is at $2,243, a 1.9% decrease. The Crypto Fear & Greed Index registers 26, indicating 'Fear' in the market. Recent coverage has noted 7,499 BTC flowing to Binance as a whale liquidated a position, and 830 Bitcoin inflows to Coinbase, suggesting potential sell pressure around the $77,000 level. Arthur Hayes also recently warned of Bitcoin weakness.
McGlone's view, as quoted by Melker, suggests that a political shift could further impact crypto prices, particularly for those who invested based on previous administration endorsements. He highlighted that "Now we have a potential normal tilt back the other way. There's nothing that stops this train except that a price is going too high or a crisis," implying that broader economic conditions and political sentiment could override bullish narratives for digital assets.
