- Industry experts weigh in on the state of crypto-post election.
- The total crypto market cap has risen by 1.5% over the past day.
As a seasoned analyst with over two decades in the financial industry, I find myself intrigued by the current state of the crypto market post-election. Having witnessed the dot-com boom and bust, as well as the rise and fall of various asset classes, I must admit that this sector has piqued my interest like no other.
‘Up in October’ kept its word, now we move on to ‘Lunar November.’ So far, the first week of this month has brought significant growth to Bitcoin [BTC] and the overall cryptocurrency sector, fueled by optimism following the elections.
Upon Donald Trump’s triumph in the U.S. elections, I observed that Bitcoin surged to a new All-Time High (ATH) exceeding $76,000. Intriguingly, other prominent cryptocurrencies also seemed to echo this bullish trend, mirroring Bitcoin’s upward trajectory.
As a researcher examining the aftermath of the U.S. election, I find myself pondering over the connection between the Republican Party’s triumph and the subsequent surge we’ve witnessed. What policies enacted by the new administration are driving this trend, and what can we anticipate for the future?
America’s road to innovation
On the most recent edition of CryptoPrimePod, Matthew Sigel, who is in charge of Digital Assets Research at VanEck, offered his perspectives to Nate Geraci.
He pointed to the GOP’s victory as a potential pivot toward a more crypto-friendly regulatory landscape. Sigel remarked,
“It’s sad for America to kind of lose our lead in innovation, so I think that’s going to change.”
As a researcher, I’ve been vocal about my concerns regarding the SEC’s apparent unfairness in penalizing individuals under vague rules. I advocate for an immediate halt to the practice of proactive lawsuits and instead, prioritize credible investigations into fraudulent activities. Moreover, I’ve raised concerns about the departure from traditional rulemaking processes, a point I attribute to Chairman Gary Gensler.
Sigel advocated for updates to financial rules, aiming to make them more contemporary. Key changes he proposed included adjusting antiquated transaction limits to account for inflation and minimizing excessive regulatory intervention.
Reasons behind regulatory pushback
Sigel pointed out that the Democratic government’s executive order issued in March 2022 emphasized enforcement instead of innovation within federal agencies, resulting in increased examination or close attention.
As a researcher, I’ve found that the swift accumulation of capital within cryptocurrencies, where a viral meme can effectively transform into currency, has presented an intriguing conundrum: it complicates the task of maintaining economic oversight and fine-tuning control, as the executive elaborated.
As an analyst, I’d like to add that Sigel underscored the transformative nature of cryptocurrency. It’s not just about change; it’s about uprooting the existing order, particularly in the financial sector. Traditional intermediaries are being questioned, and the prevalence of fiat currency is being challenged. In essence, he was saying that crypto is redefining the financial landscape as we know it.
“Bitcoin is maybe the biggest threat to the dollar.”
A new era of crypto post-election?
Simultaneously, Haseeb Qureshi, the Managing Partner at Dragonfly, emphasized the far-reaching effects of the election results. During a conversation with Scott Melker, he shared his insights on this topic.
Crypto has been given unrestricted access, and it appears this freedom will continue for a long time ahead.
The exec predicted that the Republican support would likely fuel a pro-crypto movement in the U.S.
Moreover, Qureshi highlighted a notable change in political alliances, emphasizing the revitalized agreement between parties regarding digital currencies.
Even though there’s a sense of hopefulness, it’s important to note that the full scope and speed of any upcoming regulatory shifts are yet to be determined, since crucial appointments and legislative decisions are still underway.
Retail poised to ignite altcoin surge
Additionally, Qureshi predicted a surge in retail shopping. Unlike Bitcoin, which has mainly thrived due to institutional investment, he anticipates that the rise of alternative cryptocurrencies (altcoins) will be fueled by individual investors in the near future.
Even though there was a slight increase in retail involvement in March, as the executive pointed out, a complete retail-driven liquidity cycle is still not in motion. However, if retail investors return and engage again, they might trigger a powerful surge in altcoins.
As November progresses, I find myself intently observing the cryptocurrency market, eagerly waiting to see if this month will usher in remarkable growth and establish a fresh chapter of unwavering trust.
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2024-11-09 01:12