Election Outcome and BTC Price: Harris or Trump – What’s Next for Crypto Markets?
The price of Bitcoin has fluctuated significantly in the week leading up to today’s presidential election, ranging from about $73,000 to $64,000. According to widespread belief, if former President Donald Trump is elected, cryptocurrency markets will soar. Given the Democrats have mostly been anti-crypto and Vice President Kamala Harris’s positions have been ambiguous, it is obvious what will happen if she wins the election.
Charlie Sherry, Head of Finance and Crypto analyst at BTC Markets, writes in a note that Bitcoin volatility was present in both the 2016 and 2020 cycles. In 2016, there was a growing interest in Bitcoin and a need for safe-haven assets in an environment with low interest rates. A Harris victory could eliminate uncertainty, but Sherry thinks a Trump victory could result in more favorable price movement for Bitcoin. In summary, both results could be beneficial.
How Could a Trump Administration Boost the Cryptocurrency Market with Pro-Crypto Policies?
Through deregulation, pro-crypto hires, and more transparent regulatory frameworks, a Trump administration might benefit the cryptocurrency sector. Trump has made it clear that he plans to remove Gary Gensler as the current head of the SEC. The regulatory strategy may change from enforcement to more transparent regulatory frameworks under a new, maybe pro-crypto SEC head. This might boost investment and market confidence. Trump’s vocal support for Bitcoin and digital assets may spark interest from the general public, and his pro-growth economic policies may also indirectly increase cryptocurrency trade volumes.
What Stricter Crypto Regulations Could Mean For The Market If Harris Wins?
However, if anti-crypto individuals like Senator Elizabeth Warren or Gary Gensler continue to have an impact on her administration, a Harris president might continue to take a cautious regulatory stance, likely placing more priority on compliance and protection. This might lead to stricter control, but other Democrats support a balanced strategy that encourages innovation in addition to regulation. Despite her interest in cryptocurrency, Harris’s attitude might be seen as more election-driven than Trump’s unambiguous support for the technology, which could lead to fewer tangible reform efforts.
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