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.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
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.
Litecoin whales have shaken the crypto market to its core on Saturday, embarking on a massive buying spree amid the latest ETF advancement. Renowned crypto analyst Ali Martinez revealed that these whales accumulated nearly 1 million tokens over the past two weeks. Investors are eyeing this as a highly bullish event, given that the market has also seen Canary Capital’s LTC ETF on the Depository Trust & Clearing Corporation (DTCC) recently.
Litecoin Whales Buy Heavily, Investors Bullish Amid ETF Development
According to an X post by Ali Martinez on February 22, Litecoin whales acquired 930,000 tokens in the past two weeks. This data reverberated substantial market optimism for the crypto, underscoring heightened buying pressure despite the broader market turbulence.
Notably, crypto whales are large-scale investors with considerable trading experience in the market. Their trade maneuver to accumulate coins surfaces as bullish news, underlining market confidence in the token’s potential to gain on the back of recent developments.
Canary Capital’s ETF Emerges On DTCC
The latest ETF development for the token has solidified hopes of an approval ahead. CoinGape reported that Canary’s LTC ETF appeared on the DTCC platform under the ticker LTCC this week. This saga has solidified investor bullishness as an exchange-traded product backed by the crypto may be available soon.
Also, renowned ETF analyst Eric Balchunas further anticipated that there is a 90% chance of approval in 2025. The Litecoin whale accumulations amid this bullish event have further boosted the coin’s market sentiment, indicating potential gains ahead.
LTC Price Eyes Rally?
However, despite the massive buying, LTC price tanked over 5% on Saturday, closing in at $128.13. The coin hit a bottom and peak of $123.93 and $139.86 in the past 24 hours. The weekly chart for the token also illustrated a 3% drop. This waning action primarily falls in with the broader crypto market volatility.
Nevertheless, renowned crypto trader Carl Moon took to X, revealing that a $143 price target looms for the token. As per Carl, LTC is forming a bullish flag on lower timeframes, signaling an uptrend ahead. The significant buying pressure brought by Litecoin whales further supports this bullish prediction.
Crypto market traders and investors thoroughly monitor the token, reflecting optimism amid recent ETF developments and strong whale support.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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.
Amidst the SEC’s positive approach to XRP exchange-traded funds (ETFs), anxiety is building around the potential resolution of the Ripple lawsuit. Notably, the recent settlement of the Coinbase case has fueled community optimism about a potential dismissal of the XRP lawsuit. According to legal expert Jeremy Hogan, a settlement in the Ripple vs. SEC case is possible as early as Q2 2025.
Will XRP Lawsuit be Settled by May 2025?
As the community awaits an imminent resolution in the XRP lawsuit, advocate Jeremy Hogan shared his insights. In an X post, Hogan stated that the Ripple vs. SEC case could witness a settlement by the first half of April or early May. However, he clarified that the prediction is merely his intuition and not based on any concrete evidence.
Hogan’s comments came in response to Good Morning Crypto host Johnny Krypto’s post. Addressing Hogan, Johnny Krypto shared a thread, seeking the lawyer’s opinion on the impending conclusion of the XRP lawsuit. The message read, “Do you think the XRP case can get dropped sooner than you originally thought or does May still feel right to you gut??
Coinbase Case Closure and XRP Lawsuit Settlement
In a surprising development, the US SEC agreed to drop the prolonged Coinbase lawsuit, marking a significant milestone in the crypto space. The move also highlights the SEC’s regulatory changes that visions the establishment of the US crypto environment.
Celebrating the significant development, Coinbase CEO Brian Armstrong posted on X that the platform reached an agreement with the SEC after “years of litigation, millions of your taxpayer dollars spent, and irreparable harm done to the country.”
Meanwhile, Jeremy Hogan sees the Coinbase suit dismissal with prejudice as a strong win, as it permanently closes the case. He means that there is no room for the SEC to refile the case.
Notably, as per Hogan’s words, the SEC’s bold move suggests they’re not waiting for Commissioner Atkins’ confirmation to take decisive action on crypto regulation. This implies the SEC might make more crypto-friendly moves even before Atkins takes office, potentially indicating an imminent XRP lawsuit settlement.
SEC’s XRP ETF Acknowledgements Spark Enthusiasm
Over the last few days, the SEC has taken significant steps towards potentially approving XRP ETFs. Particularly, the SEC acknowledged XRP ETF applications submitted by multiple asset managers including Grayscale, 21Shares, CoinShares, Bitwise, and Canary Capital.
This optimistic move, coupled with the SEC’s decision to drop the Coinbase case, has sparked speculations of an early XRP lawsuit settlement. Previously, Jeremy Hogan posited that the XRP lawsuit conclusion could be possible before the SEC’s approval of an XRP ETF.
Although the SEC’s ETF nod doesn’t assure approval, it has fueled community optimism about a potential ETF launch and lawsuit dismissal. As per wider speculations, with the SEC recognizing XRP ETF applications, a lawsuit dismissal is now within reach.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
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.
The Pi coin finally launched on the mainnet today, which has already led to predictions on how high the crypto could rise following the launch. Now, crypto analyst Gem Hunter has provided a bullish outlook for the coin, suggesting that it could even surpass the XRP price after it gets listed on Binance.
Pi Coin Could Surpass XRP Price After Binance Listing
Gem Hunter recently suggested that the Pi coin price could surpass the XRP price after a potential Binance listing. In an X post, the analyst noted that Pi network’s chart doesn’t look bad at all and hinted that the current price was the bottom.
The analyst further remarked that the Pi coin had recorded almost $1 billion trading volume in eight hours despite listing on only a few centralized exchanges (CEXs). Gem Hunter stated that the real fun will start when Binance and other top crypto exchanges list Pi. As such, he urged market participants to buy the dip and hold.
The analyst’s accompanying chart showed that the Pi coin price could rally to as high as $2.8 when Binance and these top exchanges potentially list the coin. A rally to this price level could put Pi above the XRP price, which is currently trading at around $2.6.
It is worth mentioning that Binance is currently running a community poll on whether it should list Pi. Most community members have voted for the top crypto exchange to list the coin. As such, there is the possibility that Binance could list the crypto at some point, which would provide some bullish momentum for its price.
The Pi network mainnet officially launched today. Consequently, the Pi coin also went live on several exchanges, including OKX, and reached an all-time high (ATH) of $2.2 before witnessing a price correction.
XRP Price Could Surge Before Then
Crypto analyst Dark Defender recently predicted that the XRP price could surge to $3 soon enough, a move which would see the crypto surpass the projected $2.8 level for Pi coin. According to the analyst, XRP will see a break towards $2.77 first and then towards $3 “within hours.”
Meanwhile, in his analysis of XRP in the 12-hour time frame, crypto analyst Egrag Crypto noted that the coin has bounced off the low edge of the ascending triangle, showing bullish momentum. The analyst stated that targeting $2.83 is the next bullish milestone for XRP.
Egrag Crypto further remarked that a bullish signal will occur when XRP closes above the $2.90 and $3.10 range with confirmation. He claimed this would turn this range into strong support for a bullish continuation and a major milestone from a structural perspective.
The XRP price is already up today thanks to bullish fundamentals such as the SEC’s acknowledgment of the XRP ETFs and Hashdex’s XRP ETF, which is set to launch in Brazil.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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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