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Will The Crypto Market Crash Tomorrow On US Election Day 2024?

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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.

US Stock and crypto market US ElectionUS Stock and crypto market US Election
Source: The Kobeissi Letter, X

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.

US Election Crypto market BitcoinUS Election Crypto market Bitcoin
Source: Matrixport, X

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.

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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.





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Cardano Price Eyes Massive Pump In May Following Cyclical Patern From 2024

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Cardano price is repeating a pattern from 2024 that experts say is a signal for a massive pump in the coming weeks. While present figures are largely underwhelming for ADA, investors are brimming with confidence for a strong reversal in the near future.

Cardano Price Can Reach $2.5 In May

According to pseudonymous cryptocurrency analyst Master Kenobi, Cardano price is exhibiting cyclical behavior. In a post on X, Master Kenobi notes that ADA’s consolidation in recent days mirrors its price action from Q3 of 2024.

At the time, Cardano’s price suffered a steep correction in early August and endured a lengthy consolidation period before rallying. Presently, Cardano’s price is consolidating after the deep in early February that sent prices to $0.49.

“ADA is currently in a consolidation phase that resembles its behavior from August-September 2024,” said Master Kenobi. “Since the dip on August 5, it hasn’t recorded a new low – just as it hasn’t now, following the dip on February 3.”

According to Master Kenobi, a lengthy consolidation phase will be the precursor for an impressive rally for Cardano’s price. The analyst theorizes that the incoming rally will send Cardano to impressive levels in May. In the short term, analysts are eyeing ADA to hit $1, citing rising whale activity and positive fundamentals.

“If this pattern holds, May could bring a massive pump, potentially pushing the price toward $2.5,” said Master Kenobi.

ADA Ripples With Bullish Activity

At the moment, Cardano price is trading at $0.6646, a far cry from its all-time high of $3.10. Despite the lull in price action, the ecosystem is brimming with bullish activity for higher valuation.

Investors have their eyes on $10 after ADA outperformed top S&P 500 companies in a strong show of resilience. Futhermore, increased whale activity in the space is signaling an impending rally for ADA as community sentiment reaches an all-time high.

Analysts have opined that an ADA rally to $10 is not a crazy prediction, citing a slew of positive fundamentals for the network. However, pundits are urging investors to brace for multiple corrections in the march to reach a valuation of $10.

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

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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Analyst Reveals Why The XRP Price Can Hit ATH In The Next 90 To 120 Days

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Crypto analyst Egrag Crypto has again provided a bullish outlook for the XRP price. This time, he alluded to historical trends to explain why the altcoin can hit a new all-time high (ATH) in 90 to 120 days.

Why The XRP Price Can Hit ATH In 90 To 120 Days

In an X post, Egrag Crypto alluded to historical patterns to explain why the XRP price can hit a new ATH in the next 90 to 120 days. He noted that the RSI chart shows important historical patterns and stated that the altcoin usually has two peaks during its bull runs.

ImageImage

The crypto analyst further revealed that in 2021, the second peak occurred after 90 days, while in 2017, it occurred after 120 days. Based on this, Egrag Crypto affirmed that this historical timeframe provides market participants with a potential for a “great opportunity,” hinting at the altcoin hitting a new ATH.

In another post, he raised the possibility of the XRP price reaching a new ATH of $3.9 by May. This came as he identified an Inverse Head and Shoulder pattern, which was forming for the altcoin. The crypto analyst stated that the measured move is $3.7 to $3.9.

For now, an XRP analysis has shown that the altcoin is struggling at $2.15 amid regulatory uncertainty over SEC Chair nominee Paul Atkins. In his update on this Inverse Head and Shoulder pattern, Egrag Crypto remarked that a close above $2.24, the Fib 0.888, is the next minor target. He affirmed that the pattern is still unfolding as anticipated.

Ripple’s Native Token Could Still Drop Below $2

Crypto analyst Dark Defender has predicted that the XRP price could still drop below $2 before the next leg up. In an X post, he stated that Ripple’s native token is in the 4th Wave of the Monthly Elliott Wave structure.

ImageImage

His accompanying chart showed that XRP could drop to as low as $1.88 on this Wave 4 corrective move. Once that is done, the altcoin will witness its next leg up, rallying to as high as $5.8, which would mark a new ATH.

Dark Defender assured that Wave 4 will end soon and that XRP will continue to reach its targets. The crypto analyst recently affirmed that the altcoin is the “one” and explained why it would dominate Bitcoin and Ethereum.

Crypto analyst CasiTrades also suggested that XRP could further decline before its next leg to the upside. She noted that after the drop to $2.27, the altcoin showed no bullish RSI divergence, which signaled that the drop wasn’t quite done yet.

ImageImage

She added that the coin is now likely heading down to test the 0.618 golden retracement at $2.17, or possibly the golden pocket at $2.15 for a final low before “lift-off.” However, CasiTrades also mentioned that RSI is starting to build the bullish divergence and that the selling pressure is exhausting.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. 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, a traveler 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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Gemini Crypto Exchange Announces Rewards For XRP Users, Here’s How To Get In

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Gemini, the crypto exchange founded by the Winklevoss twins, is promoting its previously launched XRP cashback program, which offers crypto rewards to users. This initiative allows eligible participants to earn rewards on their XRP transactions. Here’s a look at the program details and the steps required to join. 

Gemini Founder Unveils XRP Cashback Rewards

On March 27, Tyler Winklevoss reminded the XRP community and Ripple army on X (formerly Twitter) that they can earn rewards in the token whenever they use the Gemini Credit Card for purchases. The Gemini credit card, launched in partnership with Mastercard in 2021, allows users to choose cryptocurrencies from Bitcoin, Ethereum, XRP, and over 50 other digital assets for cashback.

Since adding XRP to its long portfolio of crypto cashback offerings in August 2023, Gemini has continued to support the third-largest cryptocurrency as an option for crypto enthusiasts. The Credit Card reward information announced by Winklevoss was well received by the XRP community.

He explained that the Gemini Credit Card allows users to earn crypto back each time they spend fiat. He clarified that this feature is only available to residents in the United States (US) currently. The Gemini founder also revealed that he has been using the Credit Card for years and has had a great experience accumulating significant crypto rewards from the cashback program.

Gemini’s Credit Card offers tiered cashback rates depending on the purchase categories. A 4% XRP cashback is offered on gas and EV charging, with up to $200 monthly. A 1% XRP cashback is available for fuel and EV charging after exceeding the monthly limit. Finally, a 3%, 2%, and 1% XRP cashback is provided for dining, groceries, and other purchases, respectively. 

As XRP continues to push for widespread adoption, this Gemini cashback reward program strengthens its utility and encourages greater usability and investments. 

XRP is currently trading at $2.13. Chart: TradingView

Notably, Gemini isn’t the only crypto exchange embracing XRP in its rewards programs. Platforms like WhiteBIT and Bit2Me have also introduced similar programs. By offering an XRP cashback, Gemini and other crypto exchanges can make crypto more accessible, encourage faster adoption, and reinforce XRP’s role as a digital payment solution

How To Participate In Gemini’s XRP Cashback

Gemini has specified that users interested in earning XRP rewards from Gemini’s cashback program must first qualify for the exchange’s Credit Card, which depends on their credit score. Approved applicants must secure their cards by June 30, 2025, to participate in the promotional offer. 

The crypto exchange also stated that new cardholders could earn up to $200 in XRP cashback if they spend at least $3,000 within the first 90 days. Once earned, the XRP reward will be automatically deposited into their trading accounts on Gemini, enabling users to hold, trade, or sell whenever they wish. The Credit Card also comes with no extra annual, exchange, or foreign transaction fees, allowing crypto users to grow their portfolios continually. 

Featured image from SCMP, chart from TradingView

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