⚡ How the U.S. Election Could Impact the Crypto Market
posted 5 Nov 2024
On November 5, voters across the U.S. will decide their next president in a contest that’s also attracting significant attention from the crypto sector. With Donald Trump and Kamala Harris running neck and neck, early results may be available as soon as the evening of November 6.
Although many crypto investors seem favorable toward Trump, Kamala Harris could bring positive change to the industry. In an October speech, she expressed support for a regulatory framework for cryptocurrencies, a move welcomed by some within the community.
Prominent economic experts, including BitMEX founder Arthur Hayes, argue that the crypto market will see growth over the long term due to macroeconomic pressures like inflation, regardless of the election outcome. In the immediate term, however, significant price fluctuations could test investor resilience, with market sentiment likely to sway based on which candidate takes the lead.
QCP analysts suggest that congressional election results could prove as impactful as the presidency itself. They believe a Republican majority might drive the Fed toward stricter monetary policies, which could be unfavorable for high-risk assets like cryptocurrency.
David Kelly, head of global strategy at JPMorgan, added that a Trump win might prompt the Fed to reconsider planned rate cuts in December, while a Harris victory would likely mean the Fed stays the course.
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