Market
Is Kamala Harris Accepting Crypto Donations? Coinbase Weighs In
Coinbase’s Chief Financial Officer, Alesia Haas, made a noteworthy statement at a Conference in New York. She stated that the Democratic presidential nominee, Kamala Harris, has begun to accept crypto donations through Coinbase Commerce.
This platform, operational since 2018, enables merchants to process crypto transactions.
Kamala Harris May Not be Accepting Crypto Donations Directly
This initiative follows ongoing discussions signaling a potential shift in the Democratic Party’s approach to cryptocurrencies.
Historically, the Democratic Party under President Joe Biden has exhibited tepid support for cryptocurrency, in stark contrast to the Republican approach. Nevertheless, intensified lobbying efforts by the crypto industry may be influencing a shift. Haas highlighted Coinbase’s “elevated policy spend,” which she believes presents a rare opportunity for regulatory clarity in the US.
“She has a huge opportunity. We’re cautiously optimistic. She has not rolled out the details yet, but she has made overtures that she would like to drive crypto legislation,” Haas said.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
However, a discrepancy emerged regarding who was receiving these crypto donations. A Coinbase spokesperson later clarified to Fortune that the Future Forward PAC, which supports the Democratic Party, had onboarded with Coinbase Commerce.
“Coinbase can confirm that Future Forward has onboarded with Coinbase Commerce,” a spokesperson said.
Despite this mix-up, the initiative signals a potential shift toward crypto acceptance within the Democratic Party. This move is noteworthy as Harris’ campaign has been attempting to repair its strained relationship with the crypto sector.
The formation of the “Crypto for Harris” advocacy group further emphasizes the growing influence of the crypto industry in the US Presidential election. This group, consisting of 50 members from the industry and policy sectors, supports Harris and highlights the growing intersection of technology and politics.
Nonetheless, a pseudonymous crypto researcher known as Gumshoe expressed skepticism about the authenticity and impact of Harris’s outreach to the crypto sector.
“She’s rugging every single person who donates there. I’d rather send [funds] to a meme [coin] presale,” Gumshoe commented
On the other side, Harris’ opponent, Donald Trump, has successfully courted the crypto community, which has vocally criticized the current administration’s anti-crypto stance. With the Presidential election fast approaching, the role of crypto donations could critically influence voter perceptions and support.
Adding to the intrigue are the current betting odds on Polymarket, where the political futures of the candidates are speculated. As of now, Donald Trump leads with a 53% chance of winning, while Kamala Harris trails with a 46% chance.
Read more: Coinbase Review 2024: The Best Crypto Exchange for Beginners?
These odds are reflective of the broader public sentiment and could be influenced by Harris’s new stance on crypto donations.
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Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
Market
Will Bulls Push It Higher?
Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.
- Ethereum started a fresh surge above the $2,650 resistance zone.
- The price is trading above $2,700 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above $2,850 and $2,880.
Ethereum Price Extends Surge
Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.
It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.
Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.
An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.
A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,850
Major Resistance Level – $2,720
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