Chart of the day - Bitcoin (18.11.2024)

Bitcoin is gaining 2.30% today to reach $91,900. Over the weekend, positive sentiment in the cryptocurrency market continued, supported by news of new appointments to Donald Trump’s political cabinet. The official transfer of power will occur in January 2025, but we already know that many members of the new administration hold pro-cryptocurrency views.

During the election campaign, companies from the blockchain sector clearly supported the Republican Party. The total sum spent on election activities could have exceeded $130 million. After Donald Trump and the Republican Party's solid victory, we are now seeing the effects of these efforts. Trump is considered a pro-cryptocurrency president.

One of the main goals of the crypto industry is to appoint a cryptocurrency-friendly SEC chairperson to replace Gary Gensler and lobby for regulatory frameworks to integrate cryptocurrencies into the U.S. financial system. With 274 pro-cryptocurrency candidates elected to the House of Representatives and 20 to the Senate, crypto super PACs have effectively strengthened bipartisan influence in Congress.

Industry representatives and groups are actively collaborating with Trump’s transition team to shape regulatory policy and personnel selection, advocating for potential candidates for SEC chair, such as former commissioners Dan Gallagher and Paul Atkins. Key proposals include:

• Appointing a cryptocurrency-friendly SEC chair to replace Gary Gensler.
• Proposing the transfer of federal oversight on digital asset regulations from the SEC to the CFTC.
• Supporting the establishment of a national cryptocurrency reserve.
• Backing clearer and more favorable regulatory frameworks for the cryptocurrency industry.
• Potential appointment of a cryptocurrency policy official in the White House.
• Increased political and financial engagement by pro-cryptocurrency PACs and figures to influence legislation and regulations.

Bitcoin is gaining 2.30% today to reach $91,900. Over the weekend, we observed capital rotation into larger projects from the altcoin market. Projects such as XRP, Cardano, and Hedera saw increases of 20-30%.

Source: xStation 5