Brace, Brace, Brace: Crypto Prepares for Market Volatility Ahead of US Elections 2024

As the United States of America prepares to elect its 47th President, the crypto community is on edge, with the outcome of the election poised to have a significant impact on the industry. The race between incumbent President Donald Trump and challenger Kamala Harris has been intense, with both candidates expressing their views on cryptocurrencies and their regulation.

President Trump has been vocal about his support for the crypto community, aiming to make the U.S. the Bitcoin Mining capital of the world. On the other hand, Kamala Harris has emphasized inclusivity in crypto ownership, particularly for black men. The stakes are high, with Bitcoin currently standing at $68,638 after reaching an all-time high just last weekend.

Analysts have varying predictions about the election’s impact on BTC price, estimating a swing between 8% and 10%. Caroline Mauron, co-founder of Orbit Markets, believes the option market could move about 8% in either direction on election day, more than the typical 2% move on a normal day. Popular crypto trader Daan Crypto Trades predicted a 10% move, stating that the outcome of the election could lead to significant price fluctuations.

The election fight between Trump and Harris is close, with both candidates having previously expressed support for crypto. However, their approaches differ, with Trump taking a pro-crypto stance and Harris advocating for a regulatory framework for digital assets. The recent spikes in Bitcoin prices have been attributed to Trump’s support for crypto, with prices reaching a high of $73,624 when he was leading in polls.

Looking at past election trends, post-election dips have often led to long-term uptrends in Bitcoin prices. Traders are prepared for both price increases and decreases, with the potential for Bitcoin to approach a parabolic bull run post-election. With a 10% impact, Bitcoin could either reach $61,830 or break its all-time high and reach $75,571.

As the U.S. Elections unfold, the crypto industry is bracing for major market volatility. The outcome of the election will undoubtedly shape the future of cryptocurrencies in the U.S. and beyond.