On Tuesday, the cryptocurrency market showed mixed trends, with investors closely following updates on the U.S. presidential election. Major cryptocurrencies like Bitcoin, Ethereum, BNB, Solana, and Toncoin dropped by as much as 6%, while other tokens such as XRP, Dogecoin, Shiba Inu, Polkadot, and NEAR Protocol gained up to 10%.
Bitcoin remains dominant, holding a 60% market share, and its 24-hour trading volume surged by 24% to $41.54 billion, according to CoinMarketCap.
With election-related news driving the market, here’s what former President Donald Trump’s pro-crypto agenda could mean for U.S. investors and the wider industry.
Amid this market volatility, Donald Trump has announced a crypto-friendly plan as part of his 2024 campaign, positioning the U.S. as a potential global leader in digital assets. A key proposal is to make Bitcoin a national reserve asset, which Trump believes could eventually help reduce the national debt.
Trump has stated his strong opposition to central bank digital currencies (CBDCs), proposing a ban to protect financial freedom. His plan includes ending current regulatory pressures on the crypto sector, specifically targeting the SEC’s recent “crypto crackdown.” He supports Americans’ rights to mine and securely hold their digital assets, which has resonated with crypto advocates.
Regulatory Reform Remains a Priority
The important thing on his agenda right now is the regulations, Trump aims to replace current SEC Chair Gary Gensler with a more crypto-friendly figure. He also proposes creating a dedicated regulatory committee to establish supportive policies. In a bid to make the U.S. a leader in Bitcoin mining, he advocates for a “Made in the USA” policy, which could boost the country’s dominance in the mining industry.
Trump has even suggested revisiting the case of Silk Road founder Ross Ulbricht, hinting at a potential sentence commutation. This campaign strategy presents Trump as a pro-crypto candidate, promising significant changes that could reshape the U.S. crypto landscape if he wins the 2024 election.
However, the market data from Polymarket shows that Trump holds a 61% chance of winning however Harris has only 39%.
A pro-crypto White House might just redefine how the world views digital assets—and the stakes couldn’t be higher.
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