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Crypto Plays Key Role in 2024 US Elections, Survey Finds

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4 hours ago

October 2, 2024

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Grayscale Investments conducted research spearheaded by The Harris Poll. It determined that 71% of expected voters in the US support that political leaders should embrace crypto and AI.

The September study explored perspectives on crypto, artificial intelligence, investing, and how the future of the financial system, among other factors, could shape voting considerations in the 2024 US Election.

American Voters’ Feelings Skewed Towards Crypto

With the US election just a month away, 56% of “likely voters” now favor candidates who are knowledgeable about crypto over those who are not. This marks a 3% increase since May and an 8% rise since December. Voters are increasingly viewing emerging technologies like crypto and AI as essential to building future financial success.

Notably, two out of every five voters (40%) consider candidates’ positions on Bitcoin and other crypto assets when making their decision. This change in sentiment is notable compared to December 2023, when only 34% of voters expressed the same interest.

Further, the study established that more Americans own crypto in the future now than they did in 2023. This is more pronounced among the older generation. It ascribes the shift to the spot Bitcoin ETFs (exchange-traded funds), which offer intuitional investors BTC access.

“Nearly a third (30%) of voters said ETF approval of Bitcoin made them more interested in investing in Bitcoin or other crypto assets broadly. Also, nearly half of voters (46%) indicated that they expect some of their investment portfolio to include crypto in the future — a notable increase since 2023 (40%),” an excerpt in the research indicated.

Another interesting finding in the research is that crypto is progressively becoming a nonpartisan issue in the US. Specifically, there is an almost even split favorwise between the Republican and Democratic parties. This is despite crypto investors’ increasingly diverse voting demographics, such that:

63% of Hispanic and 68% of Black voters show interest in investing in Bitcoin, compared to 35% of White voters.
Nearly a third (30%) of Hispanic and Black (31%) voters currently own Bitcoin, compared to only 13% of White voters.

These findings echo recent Consensys research, which determined that half of US voters support pro-crypto policies. According to the survey, 85% of crypto owners view crypto as a key voting issue. Meanwhile, 92% are likely to vote.

Republicans currently hold a slight edge in being perceived as more crypto-friendly, largely due to Donald Trump’s ongoing promotion of digital assets. Recently, Trump made headlines by purchasing burgers with Bitcoin and launching a DeFi venture, though the latter received a tepid response. He has also vowed to fire Gary Gensler, a top critic of the crypto industry, if elected.

Donald Trump versus Kamala Harris. Source: Polymarket

Democrats, meanwhile, are seeing growing support from cross-party voters, with increasing warmth toward crypto. Kamala Harris, the party’s candidate, has begun accepting crypto donations and has committed to expanding the use of both crypto and AI in her campaign for the presidency.

The report highlights the growing significance of crypto in U.S. politics. According to Polymarket data, Kamala Harris currently holds a narrow lead, polling at 50% compared to Trump’s 49%, with just 34 days left until the election.

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Monero (XRM) Price Faces 7% Drop After Kraken’s Delisting in Europe: What’s Next

Published

8 mins ago

October 2, 2024

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Monero (XMR) price has dropped nearly 7% following Kraken’s announcement to delist the coin in the European Economic Area due to regulatory changes. As the largest privacy coin by market cap, XMR faces increased challenges in a sector already struggling with low valuations and negative returns for most of its competitors.

Despite its dominance in market capitalization, technical indicators like the Directional Movement Index (DMI) and Exponential Moving Averages (EMA) suggest a strong downtrend. If the current bearish momentum persists, Monero may soon test critical support levels, deepening the ongoing correction.

XRM Is By Far The Biggest Player In The Privacy Coins Market

Monero (XMR) has experienced a nearly 7% price drop after Kraken announced it will delist the coin for users in the European Economic Area (EEA) due to regulatory changes. Kraken, one of the world’s oldest crypto exchanges, informed its EEA clients that trading and deposits for all Monero markets will cease on October 31, with any open orders automatically closed.

Users have until December 31 to withdraw their Monero holdings, after which any remaining balances will be converted to Bitcoin. The exchange stated it had no choice but to delist Monero from the EEA due to regulatory pressures.

Top 10 Privacy Coins and their year-to-date returns. Source: Messari

2024 appears to be a challenging year for privacy coins, with only three out of the top ten showing positive returns. Privacy coins continue to be a more complicated area within the crypto space and often have lower valuations than other sectors. Among the top ten privacy coins, only Monero (XMR) boasts a market capitalization of over $1 billion, specifically $2.6 billion.

The combined market cap of the other nine leading privacy coins is $3.1 billion, which is less than that of PEPE at $4.1 billion, clearly highlighting the sector’s difficulties.

Monero DMI Shows The Current Trend Is Strong

According to its Directional Movement Index (DMI), Monero has seen its ADX climb to 51.3, signaling a strong and well-established trend in the market.

The ADX is a key metric used to gauge the strength of a trend — whether upward or downward — and tells if it’s strong or not. The DMI itself is composed of three lines: the ADX, the +DI, which reflects buying or upward pressure, and the -DI, which measures selling or downward pressure.

XMR Directional Movement Index. Source: TradingView

Currently, Monero’s +DI sits at a relatively low 12, while the -DI has surged to 36.7, indicating that sellers are firmly in control and that bearish momentum is dominating the market. This significant disparity between the two suggests that the current correction could still be in its early stages, as the downtrend appears to be gaining strength.

With such a high ADX, this bearish movement seems to have solid momentum behind it, implying that further downside could be likely as the selling pressure remains strong and could continue to drive prices lower. This combination of a high ADX and dominant -DI shows that the market is in a powerful downtrend, and a reversal does not seem imminent at this point.

XRM Price Prediction: Is The Correction Over?

On September 24, Monero (XMR) experienced a bearish signal when its EMA lines formed a death cross, after which its price dropped by 22%.

EMA lines, or Exponential Moving Averages, are used to track price trends by giving more weight to recent data. A death cross occurs when the short-term EMA crosses below the long-term EMA, often signaling the start of a downtrend.

This bearish indicator, combined with the current strong ADX reading, suggests that the market is experiencing a strong downtrend that may continue.

XRM EMA Lines and Support and Resistance. — XMR EMA Lines and Support and Resistance. Source: TradingView

The gap between the EMA lines isn’t significantly wide yet. That indicates that the correction could still be in its early stages. If the downtrend persists, XMR could soon test key support levels at $133 or even as low as $116. This would mark a further potential drop of 16.5%.

However, if the trend somehow reverses, Monero would need to break through resistance at $143. Should it succeed, the next targets would be $165 and $178, signaling potential recovery.

The post Monero (XRM) Price Faces 7% Drop After Kraken’s Delisting in Europe: What’s Next appeared first on BeInCrypto.

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Will Toncoin Price Avoid Falling to $4?

Published

1 hour ago

October 2, 2024

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On September 28, Toncoin (TON) price retested $6 for the first time in over a month. However, the altcoin could not hold on to the threshold for long as the price dropped to $5.40

Despite recent efforts to recover, TON’s price continues to face challenges. Here are the key levels to watch as this analysis highlights why a further downturn is likely.

Toncoin Chart Forms Death Cross

According to the daily chart, Toncoin’s price is attempting to erase some losses. However, the Exponential Moving Average (EMA) suggests that it could be challenging. The EMA uses current price movement to evaluate bullish or bearish trends.

When the EMA is above the price, the trend is bearish. Conversely, if the price is above the EMA, the trend is bullish. With TON’s price at $5.40, the image below shows that the 20 EMA (blue) and 50 EMA (yellow) are above the Telegram-native coin price.

Particularly, the 50 EMA had crossed above the 20 EMA. This position referred to as a death cross, indicated that the trend around Toncoin is bearish, and the price might fall below $5 soon.

Toncoin Daily Price Analysis. Source: TradingView

Following the recent decline, on-chain data revealed a surge in Toncoin’s realized losses. Yesterday, holders incurred losses on 788,000 tokens.

When there is a high level of unrealized losses, it suggests that investors are losing confidence in a rebound. As a result, the lack of buying pressure could prevent the token from recovering its lost value. If this trend persists, TON’s price may continue to fall.

Toncoin holders realized losses — Toncoin Daily Transaction Volume in Loss. Source: Santiment

TON Price Prediction: Bears Are In Control

On looking at the daily chart, BeInCrypto observed that TON has fallen below the $5.41 support. This decline implies that bulls might no longer be able to defend the token from going below $5.

Furthermore, resistance at $5.68 could make a Toncoin rebound difficult. Therefore, the cryptocurrency’s likely movement will be another decline. Considering the bearish technical setup, TON’s price could drop to $4.89.

In a highly bearish scenario, the altcoin could decline to $4.63. However, if bulls can break the $5.68 resistance, this prediction will not come to pass. Instead, Toncoin’s price might hit $6.69 and possibly $7.29 in a highly bullish situation

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

Solana (SOL) Price Drop: Reversal Soon?

Published

2 hours ago

October 2, 2024

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Solana (SOL) price is down 6% in the last 24 hours, catching the attention of investors. Technical indicators like the Relative Strength Index (RSI) suggest the cryptocurrency may be approaching oversold territory, indicating a possible reversal.

Increased activity on Solana’s major application, PumpFun, hints at renewed user engagement that could positively influence SOL’s performance. These developments set the stage for potential changes in SOL’s price trajectory in the near future.

SOL Is Approaching The Oversold Stage

SOL currently exhibits a RSI of approximately 34.82, a notable decrease from around 70 just fifteen days prior. This substantial drop indicates a significant shift in market sentiment, moving from a bullish phase — where buying pressure was dominant — to a more bearish outlook characterized by increased selling activity. The RSI is a technical indicator used to gauge the momentum and speed of price movements.

Oscillating between values of 0 and 100, the RSI helps identify overbought and oversold conditions in the market. Traditionally, an RSI reading above 70 suggests that an asset is overbought and may be due for a price correction, while a reading below 30 indicates it is oversold and could be primed for a rebound.

With SOL’s RSI nearing the oversold threshold of 30, it signals that the coin might be reaching a point where the selling pressure is waning, and buyers could start stepping in.

Such a scenario often precedes a trend reversal, where the asset’s price may begin to climb as market participants perceive it as undervalued. Therefore, according to its RSI metric, Solana price could be gearing up for a rebound, and an emerging uptrend might be on the horizon as investors look to capitalize on the lower price point.

Can New Coins Pump Solana Price?

Solana’s biggest application in the last few months, PumpFun, could serve as a strong proxy for the overall health and activity on the Solana blockchain. Recent trends on PumpFun indicate that the memecoin mania within the SOL ecosystem might be making a comeback, which could positively influence SOL’s price.

On August 13, the number of unique tokens launched on PumpFun reached an all-time high of 20,465 but then experienced a dramatic decline, dropping to just 4,629 by September 14.

PumpFun Tokens Launched Per Day. Source: Dune

Historically, significant surges in the number of tokens launched on PumpFun have been followed by substantial gains in SOL price. Notably, the daily number of new PumpFun tokens began climbing again at the end of September, reaching at least 13,000 per day between September 26 and October 1.

This resurgence could indicate that the Solana chain is attracting users once more, potentially positively impacting SOL’s price, as increased activity often correlates with heightened investor interest and demand.

SOL Price Prediction: Back to $162 Soon?

Solana is exhibiting signs of a potential trend shift. Its short-term Exponential Moving Average (EMA) lines are nearing a crossover below the long-term EMAs. That formation is known as a “death cross.”

This pattern in technical analysis suggests possible bearish momentum and potential price declines in the near future. EMAs are indicators that assign more weight to recent prices, helping traders identify market trends.

If this downtrend materializes, SOL’s price could test support levels at $133 or even $110. However, if the Relative Strength Index (RSI) reaches the oversold stage (below 30) and PumpFun continues to attract new coins, this negative trend could reverse.

SOL EMA Lines and Support and Resistance. Source: TradingView.

Notably, the number of new PumpFun tokens launched daily has been climbing again since late September. This resurgence indicates renewed user interest, which could positively impact SOL’s price. In this scenario, SOL could retest the resistance level at $162, as it did at the end of August. That would mark a potential 13% gain from current prices.

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