US Election 2024 Triggers Crypto Market Shake-up: BlackRock Accumulates Bitcoin, SOL Hits 10x Growth and More
The 2024 U.S. presidential election between Republican Donald Trump and Democrat Kamala Harris has heightened volatility across global markets, with crypto at the center. Both candidates have hinted at crypto-friendly policies, but their differing approaches have sparked debates and movements within the industry.
The race’s tight nature and potential delays in result announcements only amplify market tension. As Election Day unfolds, key players in crypto are already making moves, with tokens like Bitcoin and Solana experiencing shifts that underscore the current landscape.
What you'll learn 👉
Trump and Harris Campaigns Boost Interest in Crypto
Donald Trump’s pro-crypto stance, outlined in a July speech at Bitcoin 2024 in Nashville, includes promises that appeal directly to crypto advocates. Trump suggested forming a national Bitcoin reserve and establishing a dedicated presidential council on crypto regulation.
Additionally, he has pledged to replace current SEC leadership with more crypto-supportive figures. In an unusual move, Trump’s sons recently launched a crypto exchange, World Liberty Financial, further signaling the family’s commitment to digital assets.
Kamala Harris has also shown interest in digital asset innovation, especially in consumer-focused regulation. In September, she expressed her support for advancing technology like AI and blockchain, pledging to protect investors while fostering innovation.
Harris’s campaign actively engaged with crypto industry leaders to discuss the role of blockchain, underscoring her commitment to balanced, consumer-centered regulation. Her stance, however, appears less aggressive than Trump’s in terms of implementation, with a more gradual approach to industry integration.
Market Activity Surrounding Bitcoin and Solana
Market dynamics reveal increased activity around Bitcoin and Solana amid the election buzz. BlackRock, one of the largest institutional investors, has reportedly acquired additional Bitcoin valued at around $2.4 billion, marking a growing institutional interest in digital assets as a potential hedge against political uncertainty.
Similarly, Semler has invested $3 million into Bitcoin, underscoring its perceived stability in volatile times. Solana (SOL) has also seen remarkable growth, with its monthly active address count reportedly growing tenfold year-over-year.
This growth is partially attributed to the popularity of meme coins and payment applications built on the Solana network, signaling a broadening user base.
Memecoins and Market Trends Amid Election Day
On the eve of the election, memecoins like $MAGA, $DOGE, and $TROY have shown notable movements. $MAGA, inspired by Trump’s campaign, saw a steep 50% decline in the weeks leading up to the election, likely due to speculative trading tied to Trump’s prospects.
Meanwhile, $DOGE continues to benefit from its association with Elon Musk, who has publicly voiced his support for Trump. $TROY, gaining traction through a meme and AI narrative, aims to bring mainstream applications to its ecosystem, contributing to its steady rise.
These tokens showcase the varying impacts of political sentiment and hype cycles on individual crypto assets.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Read also: Dogecoin (DOGE) Could Spike to $1 If Trump Wins the Election: Here’s Why
Broader Crypto Developments and Institutional Moves
As traditional markets adapt to crypto trends, notable developments continue across various projects and states. OpenSea, a popular NFT marketplace, plans to release a new version in December, spurring speculation about its potential influence on the NFT sector.
Besides, Michigan has become the first U.S. state to have its pension fund invest in Ethereum, buying shares of Grayscale’s Ethereum Trust. Meanwhile, Mantle’s ecosystem is growing through new yield opportunities, pushing its TVL to record levels.
Additionally, after a hack in 2023, Euler Finance recently relaunched with added features, offering incentives to users on its upgraded platform.
With the Fear and Greed Index sliding from 77 to 70, market sentiment appears to be cooling off slightly, even as crypto assets remain on edge during the election period.
Although altcoins have generally lagged, institutional interest in Bitcoin remains strong, signaling potential long-term growth for key players regardless of the election outcome.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
