The US presidential election is a significant event with far-reaching consequences, not just for the United States but for the global economy as well. As the 2024 election approaches, with Donald Trump potentially facing off against Vice President Kamala Harris, the effects on various economic sectors, including the cryptocurrency market, are increasingly scrutinized.
The cryptocurrency market is particularly sensitive to geopolitical events, and the US elections are no exception. Bitcoin, along with other cryptocurrencies, tends to experience increased volatility during election cycles due to its decentralized nature and its growing role as a hedge against traditional financial systems. Investors closely watch the stances of leading candidates on regulations concerning cryptocurrencies, with the possibility of more stringent regulations under a new administration often leading to short-term market corrections.
For instance, the 2020 election saw Bitcoin prices fluctuate as candidates’ positions on digital assets became a focal point for investors. A similar trend is expected in 2024. If Donald Trump, known for his critical stance on Bitcoin during his first term, re-emerges as a strong contender, there could be renewed concerns about potential regulatory crackdowns. On the other hand, Kamala Harris, though not particularly vocal about cryptocurrency, represents continuity with the current administration, which has taken a more cautious approach to regulation.
As the race intensifies, market analysts predict that a Trump vs. Harris contest will bring heightened volatility to the financial markets, including cryptocurrencies. A Trump victory could spark fears of increased regulation, potentially dampening market enthusiasm. Conversely, a Harris win might maintain the status quo, with gradual progress in crypto regulation, providing a more stable environment for growth.
In conclusion, while the exact outcomes remain uncertain, the US elections will undeniably influence the global economy and the cryptocurrency market. Investors are advised to stay informed and prepared for potential shifts as the election date approaches.
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LIVE BITCOIN TECHNICAL ANALYSIS WITH PHILIP SWIFT SUGGEST BTC PRICE WELL ABOVE 0K NEXT YEAR!
➡️ REPLAY: “The Crypto Catch-Up” – http://teeka.cryptonewsalerts.net
In this exclusive interview, crypto analyst Philip Swift shares some live Bitcoin technical analysis which suggest we easily see a $100K+ BTC price next year.
“Into next year, probably Q3, Q4 I think we’ll be around $100K. Then as you’ve seen before we get these blow-off tops. Once price breaks above the red line I can easily see us heading up well above $100K, maybe the high $100K levels, so good times ahead.”
Philip also shares some very bullish on-chain analysis charts as well as the ‘Golden Ratio Indicator’ which suggest a $22K-$24K Bitcoin price target in the weeks ahead.
Show Notes / Resources:
🔥 Philip’s DecenTrader Software: https://decentrader.com/
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In other trending Bitcoin News today:
Not just Wall Street: Quant Trader Explains Why Bitcoin Price Is Going Up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the BTC price.
The catalysts are increasing adoption, whales, inflows from other products into Bitcoin, and influence from other markets.
Alameda Research is a major cryptocurrency firm that trades a variety of cryptocurrencies and derivatives, with a volume between $600 million and $1.5 billion a day.
Throughout the past month, Cointelegraph has continued to report on the trend of whale accumulation.
Whale clusters form when whales buy Bitcoin and do not immediately sell. This typically indicates that whales bought BTC, sent them to their personal wallets, and have not moved their funds.
The accumulation of Bitcoin from whales possibly synergized with a profit-taking pullback in the altcoin market. Notably, when the decentralized finance market pulled back, Bitcoin continuously saw a significant rally.
Based on various trends and data points, Trabucco said the four abovementioned factors likely contributed to the Bitcoin rally over the past months. He wrote:
“So, first off, why ‘up’? There’s been a lot of discourse about this — some reasons for BTC to go up I’ve seen postulated include lots of institutional buying, increased adoption, ‘whales,’ outflows from faddish products back into BTC, influence from other markets, etc.”
Atop these factors, Cointelegraph reported that the Bitcoin exchange reserves are also declining at a rapid rate.
Bitcoin exchange reserves drop when investors increasingly pull their funds out of exchanges. Since investors often deposit cryptocurrencies to exchanges to sell, this trend suggests that there are fewer sellers in the market and a smaller available supply of BTC.
When positive fundamental and technical factors coincide with an overall drop in selling pressure, it could buoy the momentum around Bitcoin.
According to Trabucco, Joe Biden’s projected victory and the prospect of Moderna and Pfizer vaccines are both positive factors for Bitcoin.
The support for Bitcoin from various tech companies including PayPal, banks, politicians, high-net-worth investors and billionaires are all likely pushing up the BTC price, the trader argues. He wrote:
“My take would be: eh probably a combination. I do think that Biden’s victory and the vaccines were net good for e.g. SPY which has both short- and long-term correlation to BTC in the COVID era, which contributed.
And there are also legit a lot of traditional companies / entities — banks, hedge funds, random rich people, thought leaders, tech companies, Wyoming senators, etc. — signaling support for BTC, which both directly (buying) and indirectly (sentiment) influences its price up.”
In the near term, the roadblock for Bitcoin remains the $18,500 resistance area. Above it, there is little resistance until a new all-time high, after which BTC would enter the uncharted waters of price discovery.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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Another Top Investor Expects the Bitcoin Price to Erupt to ,000 in 2020 | BTC 4,000% Rally Signal
➡️ Teeka Tiwari – Investment of the Decade: http://2020.cryptonewsalerts.net
For the umpteenth time this month, Bitcoin price failed to hold above the $10,000 resistance on June 10th.
Prominent investors in the cryptocurrency space, however, remain bullish on BTC due to a confluence of macroeconomic factors.
They say that in 2020, there’s a high likelihood Bitcoin revisits its all-time high price of $20,000.
A rally to $20,000 would mark a 112% rally from the current BTC price of $9,400.
Morgan Creek Digital partner Jason Williams believes that Bitcoin will hit $20,000 by October.
He argued in a recent tweet that such a performance would be “World Class” in such a relatively short time frame.
This is a slight adjustment made to a forecast of $20,000 by September that the crypto fund manager shared with the International Business Times in May.
“20k bitcoin by October. 2x is World Class in this timeframe. Remember that. I can’t stop looking at the next 7 days.”
In the tweet, the prominent Bitcoin investor didn’t elaborate on what evidence there is to back this prediction.
Yet in previous interviews, he has alluded to why he expects BTC to rally upwards of 100% in the coming four to five months.
Speaking to Thinking Crypto in May, Williams shared his opinion with the interviewer that he believes that the cryptocurrency industry is in a similar position to the internet/digital industry in the mid-1990s.
That’s to say, Bitcoin has a vast amount of upside in the coming years, potentially making $20,000 just the start of a larger rally.
Williams’ partners Mark Yusko and Anthony Pompliano are arguably even more bullish.
The other Morgan Creek Digital co-founders see the confluence of massive money printing by central banks and the block reward halving as “rocket fuel” for BTC.
Williams is not the only investor in the industry expecting a $20,000 Bitcoin in 2020.
BitMEX’s chief executive, Arthur Hayes recently said that his “end of 2020 price target remains $20,000.”
He argued in a March newsletter that central banks will dramatically bolster BTC’s value proposition, driving prices higher as investors acknowledge that.
Dan Morehead of Pantera Capital echoed this to a T, writing in a March newsletter that in a world where the value of fiat money is being constantly debased, the scarce Bitcoin stands to benefit:
“Now that we’re in the trillions, the deficit just simply has to have a positive impact on the price of things not quantitatively-easable — stocks, real estate, cryptocurrency relative to the price of money.
Said another way, the BTC/USD cross-currency rate will rise.
The price of bitcoin may set a new record in the next twelve months.”
In other trending Bitcoin news today:
Bitcoin Will Soon See the Exact Same Signal That Marked the Start of a 4,000% Rally
A prominent trader shared the chart below on June 13th, showing that Bitcoin’s two-week relative strength index (RSI) is about to break past a downtrend formed in the wake of the rally to $20,000.
This is important as the last time the two-week RSI looked as it did now was at the start of BTC’s previous bull run, prior to a ~4,000% move from ~$500 to $20,000.
The RSI breakout isn’t the only trend that has analysts believing that the start of a macro uptrend is on the horizon.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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Another Top Investor Expects the Bitcoin Price to Erupt to $20,000 in 2020
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BLOOMBERG: BITCOIN PRICE ACTION REMINISCENT OF 2015 BEFORE HISTORIC 100X BTC BULL CYCLE BEGAN!!
➡️ “The Crypto Catch-Up” – Teeka Tiwari Live Event: Register here: http://teeka.cryptonewsalerts.net
Bitcoin may be breaking free from its correlation with the stock market and gearing up for a parabolic 2021, according to a new Crypto report from Bloomberg.
The financial news outlet’s latest monthly outlook on crypto calls BTC a “caged bull” that could be on the cusp of a massive long-term breakout.
“Bitcoin may undergo a parabolic 2021, as it did in 2013 and 2017, if previous patterns play out again. New highs are a next potential iteration for the firstborn crypto and may be only a matter of time unless something we don’t foresee trips up the trend of greater adoption and demand vs. constrained supply.
Favorable macroeconomics, akin to those buoying gold, supports the digital store-of-value, notably vs. the oversupplied broader crypto market…
Bitcoin may be in early days of ending its constraining relationship with the Nasdaq 100 Stock Index, in our view.
Technically, the Bitcoin-to-Nasdaq ratio near 1.2 on Oct. 27 has extended above 1.1 resistance that has held for about a year.”
According to the report, Bitcoin’s resistance at $10,000 may morph into resistance at $20,000 next year.
The report cites Bitcoin’s dwindling supply and ultimate cap of 21 million coins as a key driver placing the leading cryptocurrency on a positive trajectory.
It also names steady BTC buys from the institutional crypto asset manager Grayscale as a factor supporting Bitcoin’s price.
Bloomberg analyst Mike McGlone says Bitcoin’s 2020 price action is also reminiscent of 2015, ahead of a bull cycle that ultimately saw BTC rise by 100x.
“2020 Bitcoin may be 2015 launchpad deja-vu. Some key technical indicators portend a strong up-year for Bitcoin in 2021. In 2020, the benchmark crypto dipped below its 50- month moving average and 180-day volatility dropped below 40% at the start of November.
This price foundation pair was last matched in 2015 as Bitcoin bottomed near $200; it peaked about 100x higher in 2017. We see Bitcoin volatility declining with natural maturation and little chance of similar high-velocity appreciation, but the indication is clear: Unless something significant trips it up, the crypto’s price is ripe to advance in the coming years.”
In other trending Bitcoin News today:
“3 Primary Reasons Why Ethereum (ETH) Could Hit $500 in Q4”
A confluence of bullish fundamental and technical indicators sees Ethereum rallying upward towards $500 in the fourth quarter.
The second-largest blockchain asset by market capitalization has rallied by more than 200 percent in 2020, with its price trading just shy of $490 in early September.
Nevertheless, its uptrend paused as traders migrated to Bitcoin, the flagship cryptocurrency that earlier gained entry into the investment/service portfolios of significant corporations (Square, MicroStrategy, PayPal, etc).
#1 ETH/BTC Support
A slowdown in Ethereum’s dollar-based uptrend finds headwinds in the ETH/BTC chart.
The pair, which pits Ethereum directly against Bitcoin, is trading lower since August 31.
As of Thursday, it was down by more than 32 percent from its YTD high of 0.0406 sats.
#2 Ethereum Ascending Triangle
Ethereum’s correction from its YTD high followed by a subsequent pullback to the upside left its price in a consolidation channel.
That range, with a fixed horizontal resistance line and a trail of higher lows, made an Ascending Triangle pattern.
#3 Fundamentals
The reason why Ethereum could perform per its bullish technical expectations is a solid fundamental catalyst.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
#Bitcoin may undergo a parabolic 2021, as it did in 2013 and 2017, if previous patterns play out again. New highs are a next potential iteration and may be only a matter of time unless something we don’t foresee trips up the trend of greater adoption and demand vs. limited supply pic.twitter.com/w742J7bXfC
— Mike McGlone (@mikemcglone11) November 4, 2020
https://assets.bbhub.io/promo/sites/12/917428_Crypto-Nov2020Outlook.pdf?link=button-header
https://cointelegraph.com/news/bitcoin-hits-14-7k-3-reasons-this-rally-may-see-new-all-time-highs
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