Altcoin
Will The Crypto Market Crash Tomorrow On US Election Day 2024?
The crypto market entered a crucial week with eyes on crucial scheduled events like the US Presidential election 2024 and the FOMC interest rate cut decision. Notably, the market participants are bracing for highly volatile trading this week, with experts supporting the anticipation with historical trends. However, with soaring expectations of volatile trading, some also grew concerned over a potential market crash on the day of the election.
Will the Crypto Market Crash On US Election Day?
According to a recent report by The Kobeissi Letter on the X platform, the financial market is poised to witness highly volatile trading, irrespective of who wins the US election. Having said that, the crypto market investors are also appearing to stay on the sideline, seeking more clarity on the future of the market.
Notably, crypto has been one of the major issues on the US Presidential Election 2024 this year. Donald Trump has actively backed Bitcoin and the crypto market ahead of the election, with Kamala Harris also showcasing a strong interest in the technology sector.
Besides, Bitcoin and other top altcoins also showcase a positive performance after the US presidential election. Considering that, the market anticipates a similar picture this year, with Bitcoin potentially hitting a new ATH after the election.
US Election & Its Impact On The Crypto Market
The US political landscape has recently been closely associated with the cryptocurrency industry. Donald Trump’s recent backing of Bitcoin, with a flurry of politicians revealing their interest in the digital assets space, is expected the industry to witness strong gains after the election.
Meanwhile, the US election would provide cues on the future crypto market regulations. The US SEC and CFTC have different approaches when it comes to regulating digital assets. Besides, the US SEC and its Chair Gary Gensler have faced heavy backlash from the crypto community, with many blaming the agency for their regulatory overreach.
Having said that, the investors are now eyeing towards the upcoming election. Notably, many anticipate a change in administration to foster innovation in the digital assets space. Simultaneously, the investors are also expecting a similar stance by the Democrats as well, if Kamala Harris secures a victory in the election.
Previously, former US President Donald Trump publicly announced that he would fire Gary Gensler on his first day at the White House. This has sparked significant optimism among crypto market investors, who deems Gensler as an anti-crypto regulator.
On the other hand, traders have also lauded Donald Trump’s pledge to make Bitcoin a strategic reserve for the US. This development, if it happens, could significantly push the BTC price higher in the coming days. Besides, his vocal support towards the digital assets sector and calling himself “Crypto President” has bolstered optimism among investors.
How US Election Impact the Stock Market?
The Kobeissi Letter has recently shared an analysis of the election and historical stock market performance. Now, as the crypto market and stocks move in tandem lately, let’s take a look at the analysis and see how it could impact digital assets.
As the election approaches, analysts are scrutinizing the potential impact on the stock market and crypto performance. The Kobeissi Letter’s analysis reveals significant differences in stock market returns before and after Election Day, dating back to 1920.
Here are some of the important findings from the analysis:
- Election Year Trends: 83% of election years saw positive returns leading up to Election Day, while only 67% had positive returns afterward.
- Stock Performance: Stocks perform 4.2% better on average in the six months preceding an election compared to non-election years, but 1.4% worse in the six months following.
- Economic Influence: The economy plays a crucial role in election outcomes, with only one instance of an incumbent party winning during a recession year since 1948.
- Market Volatility: Elevated volatility is expected regardless of the election outcome, with the VIX index up 65% year-to-date.
Historically, the S&P 500 has averaged an 11.3% return during election years since 1928, with 83% of years yielding positive performance. As the crypto market moves in tandem with stocks, investors are bracing for potential fluctuations. With gold prices surging and the VIX index elevated, traders are poised for a profitable ride amid the uncertainty.
What’s Next For Bitcoin And Altcoins?
Bitcoin is poised for volatile trading ahead of the election and the top altcoins are also expected to follow suit. Currently, BTC price traded near the $69K mark, after touching a high of $73,577.21 in the last seven days.
A recent Matrixport report showed that as the US presidential election approaches, Bitcoin remains neutral. Its 21-day Relative Strength Index (RSI) dropped to 56%, below the overbought threshold of 70%. This suggests Bitcoin is neither oversold nor overbought, making it an attractive opportunity for selling volatility.
Historically, Bitcoin has followed the S&P 500’s performance after the US presidential elections, with significant gains in the year following the election. In 2012, 2016, and 2020, the S&P 500 saw notable growth, and Bitcoin followed suit.
While past trends don’t guarantee future results, they offer valuable insights. As the election unfolds, investors will be watching closely to see how Bitcoin performs. Besides, the crypto market also anticipates a similar performance for the top altcoins.
Notably, a recent Bitcoin price analysis hints that the crypto is poised to witness a strong rally, irrespective of who wins the election. Although the market will likely record volatile trading or even a crash on the Election date, it is expected to make a quick rebound in the coming days. On the other hand, the US FOMC is also likely to boost the market sentiment, with the latest economic data indicating a 25bps Fed rate cut this week.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Dogecoin Code Appears In CyberTruck And Model 3 Website, Will Tesla Accept DOGE Payments For Cars Soon?
Dogecoin enthusiasts recently reignited discussions on the meme coin’s future after an observation shared on the social media platform X. KrissPax, a Dogecoin enthusiast, highlighted a curious detail that showed that DOGE is the only cryptocurrency currently embedded in the payment code for Tesla’s Cybertruck and Model 3 vehicles. Interestingly, this plays into the current bullish sentiment surrounding DOGE and rumors about Tesla’s plans to officially accept DOGE as a payment method.
Dogecoin Code In Tesla’s Payment: A Long-Standing Detail Revisited
The inclusion of Dogecoin in Tesla’s payment infrastructure has been known for some time, but the timing of its renewed focus has drawn attention. Notably, it comes during a notable price correction for the meme cryptocurrency.
Back in October 2023, reports surfaced about mentions of DOGE in the source code of Tesla’s Cybertruck checkout page. Particularly, crypto influencer MartyParty identified over 50 references to Dogecoin within the code.
However, the renewed interest stems from a recent post by Dogecoin enthusiast KrissPax on the social media platform X. He highlighted the presence of a DOGE code in Tesla’s payment systems, stating:
“Just remember, there is Dogecoin in the Cybertruck and Model 3 Tesla payment codes. Not any other crypto – just Dogecoin. Just waiting for Tesla to turn this option on!”
Although Tesla’s Cybertruck has since been launched, this year, the DOGE payment feature has not yet been activated. Nonetheless, its presence in the code suggests that Tesla is keeping the door open to allow DOGE transactions in the future.
What Does This Mean For DOGE?
Tesla CEO Elon Musk has long been a vocal supporter of Dogecoin, often relaying its use for everyday transactions. His enthusiasm for DOGE has been evident through numerous public endorsements, including Tesla’s decision in January 2022 to start accepting DOGE as payment for select merchandise. This endeavor created some sort of utility for DOGE, which is known for its meme status.
However, a final integration of DOGE as a payment method for Tesla cars would be the final straw in the electric vehicle maker’s creation of utility for the meme coin. A move of such magnitude would not only improve Dogecoin’s adoption but also open it up to another path of inflows, which would in turn benefit its price growth. Furthermore, other companies could follow in the footsteps of Tesla and make DOGE a payment method.
Interestingly, such a move would not be the first time Tesla accepted crypto payments for its vehicles. Back in 2021, Tesla started allowing customers to use Bitcoin as a form of payment. However, the initiative was short-lived, as Tesla discontinued Bitcoin payments just months later due to environmental concerns over the growing energy consumption of Bitcoin mining and transactions.
At the time of writing, the Dogecoin price is trading at $0.3842, down by 0.92 and 1.69% in the past 24 hours and seven days, respectively.
Featured image created with Dall.E, chart from Tradingview.com
Altcoin
5 Key Indicators To Watch For Ethereum Price Rally To $10K
The Ethereum price has surged more than 7% recently, with recent indicators hinting towards a potential ETH rally to $10K ahead. Notably, the recent surge also indicates a bullish momentum for the crypto ahead. So, here we explore some of the top indicators that could propel an ETH price surge ahead.
5 Indicators To Watch For Ethereum Price Rally Ahead
A recent X post from top on-chain analytics platform IntoTheBlock highlighted that Ethereum often follows Bitcoin’s rallies. While mixed signals exist, certain metrics suggest optimism. The platform noted that whales continue accumulating ETH, indicating confidence in the asset’s long-term growth. Increased transaction volumes and minimal selling pressure from holders are also contributing to Ethereum’s positive outlook.
In addition, one critical indicator is daily transactions, which recently rose to 1.22 million from 1.1 million three months ago. This slight uptick reflects growing network activity and rising demand for Ethereum.
Another key metric is large holder netflow, which tracks the buying activity of whales. When whales accumulate, it reduces sell-side pressure and supports price appreciation. Short-term holder behavior also warrants attention.
Meanwhile, increased activity among short-term investors often aligns with heightened retail interest. The holding time of transacted coins is another bullish sign. A steady hold time suggests that long-term investors are retaining their assets, keeping supply constrained as demand grows.
Lastly, exchange flows reveal sentiment trends. Significant outflows from exchanges typically indicate accumulation, signaling confidence among investors.
ETH Rally To $10K Imminent?
ETH price today was up nearly 8% and exchanged hands at $3,343, while its one-day trading volume rocketed 61% to $45.19 billion. In addition, Ethereum Futures Open Interest also rose more than 13%, indicating a strong market confidence towards the crypto.
Amid this, a top crypto market expert predicts ETH price to hit $10K in the coming days, sparking market speculations. However, despite that, a recent Ethereum price analysis hints that the top altcoin should soar past the $4K mark, before its further rally.
Having said that, a flurry of crypto market experts anticipates the crypto to continue its rally in the coming days. In addition, as BTC hits a new ATH recently, the market pundits expect the altcoins to follow suit, especially amid soaring optimism towards a clear regulatory path after Donald Trump’s election win.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Agency Reiterates “Digital Assets Securities” As XRP Eyes $2
Ripple SEC Lawsuit: The US Securities and Exchange Commission (SEC) hinted at “digital asset securities” claims amid the appeal in the Second Circuit Court. The move comes as XRP price surpassed $1 and expected a rally to $2 on Gary Gensler’s resignation and the end of XRP lawsuit during Donald Trump’s presidency.
US SEC Hints At Digital Asset Securities Claims In Ripple Lawsuit
In a PLI’s 56th Annual Institute speech last week, SEC Chair Gary Gensler reiterated “Bitcoin is not a security.” He also cleared the intention to continue considering XRP as security as he didn’t mention it along with “Bitcoin, ether, and stablecoins.”
“Our focus, rather, has been on some of the 10,000 or so other digital assets, many of which courts have ruled were offered or sold as securities. Putting this in context, aside from bitcoin, ether, and stablecoins, the rest of this market approximates $600 billion.”
Crypto lawyer James Murphy, also known as MetaLawMan slammed the US SEC for using the term “digital asset securities” again in an X post on Wednesday. Gensler and the SEC disregarded the court’s order on XRP security status in the Ripple SEC Lawsuit. This indicates that the agency failed to comply with its recent apology for using the term “crypto asset securities” in lawsuits.
Here we go again “digital asset securities.”
Unbelievable. https://t.co/vqCbEJ9PNh— MetaLawMan (@MetaLawMan) November 20, 2024
The regulator appealed the summary judgment on XRP sales by Ripple, XRP distribution to employees and others by the company, and XRP sales on exchanges by CEO Brad Garlinghouse and Executive Chairman Chris Larsen. However, the recent crypto narratives amid President-elect Trump has sparked speculation of the end of SEC v Ripple lawsuit.
Will XRP Lawsuit Get Dismissed?
The crypto community called for the dismissal of the long-running Ripple SEC lawsuit and resignation of SEC Chair Gary Gensler. Also, Ripple CEO Brad Garlinghouse said he is expecting a resolution or end of the SEC lawsuit after Trump’s win.
Ripple CTO David Schwartz cleared that the company is legally obligated to Ripple shareholders and not XRP holders. While Ripple can work around legal clarity around XRP and digital assets, the prices of digital assets don’t depend on the efforts of the company. Schwartz and lawyers assert XRP lawsuit will likely get dismissed or settled with $125 million.
Meanwhile, lawyer Bill Morgan asserted that the price of XRP is not influenced by Ripple’s efforts as seen by long-term investors. Notably, Gensler’s hint at resignation and the potential end of Ripple SEC lawsuit triggered an XRP price rally to $1.
XRP Price Rally to $2
XRP price is currently holding at 0.702 Fib retracement level. Any strong upside momentum can trigger the next move to the $1.6–$2. The strong sentiment in the XRP community and Trump’s crypto policies will maintain bullishness in the crypto market.
Popular analyst CredibleCrypto suggests XRP will probably going to make new ATH “a lot quicker than most are expecting.” XRP/ETH just reclaimed and retested a 4-year long-range in the monthly chart, which signals a 250% higher target. He predicted a target of $2.
XRP price jumped over 1% in the past 24 hours and 60% in a week, with the price currently trading at $1.13. The 24-hour low and high are $1.07 and $1.15, respectively. Furthermore, the trading volume has increased by 7% in the last 24 hours, indicating a rise in interest among traders.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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