- Kamala Harris’s 2024 election lead causes uncertainty in the crypto market.
- Trump’s bullish crypto stance contrasts Harris’s unclear position, influencing market sentiment.
- Fear of U.S. government BTC sales mirrors Germany’s, risking Bitcoin price drops.
Kamala Harris, the Democratic frontrunner in the 2024 presidential election, has attracted the votes of young, Black and Hispanic voters, wiping out the lead taken by Republican candidate Donald Trump across seven US states.
Notably, Harris, the current Vice President of the US, has also secured the lead over Trump on PredictIt market, having higher chances of winning the upcoming elections.
Bloomberg reports that Harris taking a lead in the polls could have both short-term and long-term implications for the cryptocurrency market, if she wins the elections. While Trump is bullish on crypto and has declared plans for adoption of digital assets, the Harris campaign has yet to unveil its take on cryptocurrencies.
Noelle Acheson, author of the “Crypto Is Macro Now” newsletter, suggests that Harris’s rising popularity is a potential factor contributing to the recent suppression of Bitcoin prices. Kyle Doane, Head of Trading at Arca, echoes this sentiment, speculating that Harris’s growing lead in the polls could be responsible for the current decline in Bitcoin trading volumes.
As reported earlier, billionaire Trump has expressed bullish ambitions for Bitcoin, stating that on the very first day of his term as president, he would fire the Chairman of the Securities and Exchange Commission (SEC), Gary Gensler, and appoint a new person as Chair. He also promised that under his administration, the 210,000 BTC held by the US government will not be sold.
The crypto market participants fear if the US government is seeking to sell their vast holding of BTC like the recent actions taken by the German government, wherein the authorities dumped 50,000 BTC, causing the leading digital asset to crash. As reported earlier, the US government moved its BTC holdings, causing panic in the market and resulting in BTC falling below $70,000.
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