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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THIS BITCOIN FRACTAL COULD DRIVE PRICE TO $390,000 THIS BULL CYCLE PEAK!! BTC FUTURES ETF LAUNCH!!
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Bitcoin has broken the $60,000 level and is back in the area of its all-time high (ATH) set in April 2021. Based on a fractal analysis of charts of previous BTC cycles, the peak prediction for the ongoing bull market even reaches the vicinity of $390,000.
Cryptocurrency and Bitcoin market analyst, TechDev has tweeted a series of charts on the possibility of future long-term movement of BTC. They show bullish predictions for the price of the alpha crypto for the next few months, especially at the end of this year.
In other trending Bitcoin News today: ProShares Set for Bitcoin Futures ETF Launch on Monday After Apparent SEC Approval!
The US Securities and Exchange Commission has reportedly greenlit the countryâs first Bitcoin futures exchange-traded fund (ETF).
ProShares, an ETF provider, filed a post-effective amendment prospectus on Friday that states the company plans to launch the BTC Futures ETF on Monday, a sign that the SEC has approved the product.
Bitcoin has surpassed the $60,000 mark briefly for the first time since April 2021. The BTC price has been boosted by reports suggesting a Bitcoin futures ETF (Exchange Traded Fund) is likely to begin trading in the United States as early as next week.
Bloomberg senior ETF analyst, Eric Balchunas, is confident that the ProShares Bitcoin Strategy ETF could be the first one launched as the decision deadline is Oct. 18. The Invesco Bitcoin Strategy ETF may be approved the following day barring any further delays by the SEC.
In a tweet on Oct. 15, the analyst stated: âPretty much done deal. Expect launches next week,â before adding the âodds now over 90% IMO.â
In other trending Bitcoin News today: Bitcoin Could Surge Nearly 10X From Current Price, Predicts ARK Investâs Cathie Wood â Hereâs How
ARK Invest founder Cathie Wood says that Bitcoin (BTC) could reach $500,000 if institutional investors embrace the benchmark cryptocurrency.
Bitcoin is currently trading at $57,327, but according to Financial Review, Wood says that price could surge by nearly 10 times if institutions allocate just 5% of their investment funds to BTC.
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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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BITCOIN WILL RISE 100X TO $5 MILLION PER BTC PREDICTS MICROSTRATEGY CEO MICHAEL SAYLOR!!
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Software giant Microstrategy has purchased more than $1 billion worth of bitcoins to bring its total cryptocurrency holdings to above $4.5 billion worth.
The company announced on Wednesday that it had acquired an additional 19,452 bitcoins at an average price of $52,475.
This brings the firmâs total holdings to 90,531 bitcoins, which altogether were bought at an average price of $23,985 per bitcoin. This means Microstrategy has more than doubled its investment, with the holdings are currently worth more than half of Microstrategyâs $7.84bn market cap .
Bitcoin is currently trading at around $50,000 after crashing from a new all-time high above $58,000 on Sunday, 21 February, however CEO Michael Saylor predicts that bitcoinâs price could rise 10-fold over the coming years.
Mr Saylor said the latest investment was part of a twin corporate strategy of growing its software business while simultaneously âacquiring and holding bitcoinâ in the expectation that its price will continue to grow in the long term.
âThe company now holds over 90,000 bitcoins, reaffirming our belief that bitcoin, as the worldâs most widely-adopted cryptocurrency, can serve as a dependable store of value,â he said.
âWe will continue to pursue our strategy of acquiring bitcoin with excess cash and we may from time to time, subject to market conditions, issue debt or equity securities⊠with the objective of using the proceeds to purchase additional bitcoin.â
Speaking to CNBC before the latest investment was announced, Mr Saylor said that he believed bitcoinâs market cap would rise $100 trillion â 10-times that of goldâs.
It is currently worth less than $1trn, having risen from below $100bn last March.
âBitcoin is going to flip gold, and itâs going to subsume the entire gold market cap,â he said.
âOnce it gets to $10 trillion, its volatility will be dramatically less. As it marches toward $100 trillion, youâre going to see the growth rates fall, the volatility fall, and itâs going to be a stabilizing influence in the entire financial system of the 21st century.â
Microstrategyâs announcement comes less than three weeks after Tesla revealed that it had ploughed $1.5bn of its cash assets into bitcoin.
Prior to the electric car makerâs announcement, Mr Saylor offered advice to Tesla boss Elon Musk on how to purchase such large amounts of bitcoin.
In a public Twitter exchange, Mr Saylor said the investment would be a â$100 billion favourâ to Tesla shareholders.
In other breaking Bitcoin News today:
Cardano Is Now A Top-Three Cryptocurrency As ADA Price Soars 27% In 24 Hours
Cardano Ada received a fresh wave of optimism and buying volume on Feb. 26 that pushed its price to a new all-time high of $1.49, making it the third-ranked cryptocurrency by market capitalization.Â
Data from Cointelegraph Markets and TradingView shows that Ada surged 27% from a low of $0.98 during the early trading hours on Feb. 26 to its new high at $1.49 on record trading volume.Â
Momentum for the project has been building throughout the month of February following the integration of the Mary upgrade to Cardanoâs testnet on Feb. 3. The upgrade enables smart contract functionality, helping transform the blockchain into a multiasset network similar to Ethereum.
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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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FACT: Any perceived âUtility valueâ for Gold adds nothing â while its being abandoned as money in favor of #Bitcoin In fact, itâs a primary reason why the market prefers BTC over Gold. BTCâs price-discovery is unencumbered by any perceived utility-value. Itâs just pure money. https://t.co/uduDVlAtoF
â Max Keiser (@maxkeiser) February 27, 2021
The Bullion Banks and Central Banks have been demonetizing Gold for decades. Into the mess strolled #Bitcoin Now the demonetization process is speeding up.
â Max Keiser (@maxkeiser) February 26, 2021
#Bitcoin Price is now $80,000 in Nigeria â a 60% premium.
Thatâs what happens when you try to ban something people want.
â Bitcoin Archive đđđ (@BTC_Archive) February 18, 2021
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âBUY BITCOIN,â ANOTHER BILLIONAIRE VC TELLS INVESTORS LOOKING TO ESCAPE MASSIVE DEFLATION | BTC News
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âBuy Bitcoinâ is emerging as the mantra against the ongoing global financial crisis.
The latest to join the cryptocurrency bandwagon is Chamath Palihapitiya, a billionaire venture capitalist with a history of investments in startups that Google and Microsoft would later acquire.
The Social Capital CEO was appearing on a CNBC daily to speak about the vast disconnect between a suffering economy and a cheering stock and bond market.
âWe have completely divorced the economy from the stock and the bond markets,â Social Capital CEO Chamath Palihapitiya says. âThe Fed has been the principal agent of that obfuscation.â
Before mentioning BTC, Palihapitiya criticized the U.S. Federal Reserve for launching a stimulus package that helped to inflate assets instead of helping taxpayers and consumers. He added that the central bankâs move neither solved income disparity nor unemployment.
What it did was allowing a few entities to play the financial markets to make more money.
The conversation shifted to the deflationary aspects of the Fedâs stimulus.
While Palihapitiya praised the Fedâs efforts to protect the U.S. economy amidst the coronavirus pandemic, he warned that the central bankâs decision to purchase corporate debt ETFs and balloon its balance sheets further could quicken âa really bad deflationary supercycle.â
When the question about where investors should put their capital as the economy shrinks popped, Palihapitiya recommended Bitcoin.
The veteran praised the cryptocurrency for its lack of correlation with other traditional assets.
He suggested that the feature alone could help investors obtain insurance against a deflating economy, citing Paul Tudor Jones, the founder & CEO of a $22 billion hedge fund, for taking a similar approach.
âNow all of a sudden even he is looking at bitcoin and the reason is [that] we are in this massive deflationary cycle,â said Palihapitiya. âI still struggle to find anything that is as uncorrelated to anything and to everything else than bitcoin.â
BITCOIN ADOPTION ON WALL STREET
Tudor Jones, on Monday, had told CNBC that he is holding about 1-2 percent of his net portfolio in the Bitcoin futures.
The billionaire investor, like Palihapitiya, commended the cryptocurrency for behaving as an insurance against the Fedâs massive money printing.
In other trending Bitcoin News today:
Crypto Milestone: Banking Giant JPMorgan Chase Provides Bitcoin (BTC) Bridge for Coinbase Customers The largest bank in the United States is singing a new tune about Bitcoin.
JPMorgan Chase is now offering banking services to cryptocurrency exchanges Coinbase and Gemini in a pivotal and critical turn for Bitcoin and digital assets as an emerging mainstream form of money.
The Wall Street Journal reports that JPMorgan Chase will allow Coinbase and Gemini customers based in the US to make ACH (automated clearing house) withdrawals and transfers, marking the end of the bankâs anti-crypto era led by CEO Jamie Dimon, the industryâs most outspoken crypto critic.
Dimon called Bitcoin âa fraudâ in September of 2017. The chief executive went a step further when he threatened to fire any âstupidâ employees caught trading the cryptocurrency.
That position has melted in the wake of the macro economic landscape that is awash in money printing, instability, mounting debt, shrinking GDP and a tumultuous stock market that has left investors looking for a hedge.
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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:
2014: “Bitcoin is a terrible store of value,” said Jamie Dimon2015: “Bitcoin will not survive”2016: “Bitcoin is going nowhere”2017: “Bitcoin is a fraud”2018: “I don’t really give a shit about bitcoin”
2020: â>https://t.co/rAWTvg2zL3
â Barry Silbert (@barrysilbert) May 12, 2020
“Buy Bitcoin,” Another Billionaire VC Tells Investors Looking to Escape Massive Deflation
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