Last updated on June 19th, 2024 at 11:11 am
The most sustainable catalyst that drive assets or stocks prices is fundamental (news) not Technical. The US coming election will mean a lot.
Let’s put things into proper perspectives. BTC has no reason to be trading below $100k. Eth has no reason to be trading below $500k, Solana has no reason trading below $200, etc
This is to say that, despite the handful pro crypto events this year, there are still few things left to be done in order to perfect everything. This few things are mostly likely about the American politics.
There’s a struggle between pro crypto Republicans and Anti crypto Democrats. Though there are very few pro crypto Democrats (as seen during the Bipartisan vote on SAB121 which was later vetoed by Biden). Crypto projects and ETFs would have been facing a serious several lawsuits from the SEC. E.g lawsuit against Uniswap, crypto exchanges and investors.
One reason has made the anti crypto Democrats led by Biden to go soft on their crackdown of crypto. And that is the coming ELECTION. Donald Trump appears to be sweeping the vast American crypto population votes. In order to confront this, it is believed that Biden has ordered the SEC to step down all lawsuits against crypto (temporarily, for political reasons). It is also believed that Eth ETF would not have been approved is not for the above same reason. At least, many anticipated its rejection.
What does all these mean for the future.
Should Biden continue in White House after November, the SEC will swing into action of crack down of crypto with lawsuits (at least, politics is over by then). Eth ETF will be challenged with lawsuits (Remember that the SEC initially designated Eth as Security). Many crypto projects, exchanges and investors will face serious challenge. Now you could wonder what the price impact would be on BTC and Altcoins.
Alternatively, should Donald Trump win come November, best rest assured that the crypto market will rally hard vertically. Expect BTC to be over a $100k should the above be the case. Trump has never stopped in showing his support for crypto and its future. Here’s also raised donors in Bitcoin and also declared himself, crypto president. The price impact of Donald Trump’s win will boost confidence of investors. At least, they will be rest assured that there won’t re reckless attacks on assets the hold in their portfolio. This will create room for the ETFs to have a full time to exercise their effects on the market. Possiblity of other ETFs like on Solana and XRP will be foreseeable.
At this point, we will begin to see good Altcoins going wide🔥. Possible break of ATH and more.
Till then, stay focused. Let me know your thoughts in the comments below.
