The crypto market has faced significant challenges since Halloween. The primary reason? Kamala Harris took the lead in the polls—allegations of election manipulation involving Donald Trump (which he predicted in his podcast with Joe Rogan). In the past 24 hours, various voting machines have malfunctioned, contributing to a downturn in the market. In fact, a staggering $953 billion was erased from the US stock market just yesterday.
Bitcoin Takes a Hit Amid Election Controversy
Currently, a ballot machine in Laurel County, Kentucky, remains offline as it awaits inspection by the Attorney General. This machine reportedly did not allow voters to select Donald Trump, automatically opting for Kamala Harris instead.
As these claims circulate, Bitcoin ($BTC) and the broader crypto market have seen declines of over ten percent. Earlier today, Bitcoin dropped below $70K, trading at $67,835. The Fear and Greed Index indicated “extreme greed” last Thursday, hinting at a potential market peak. By Friday, it shifted to “greed,” suggesting that further price corrections could be on the horizon.
Nearly 90% of all futures bets were bullish before the U.S. elections on November 5. However, data from Coinglass shows that 92,628 traders were liquidated in the last 24 hours. The total liquidations reached $297.31 million, with the largest single liquidation order occurring on Binance – a BTCUSDT value of $11.26 million.
This market collapse coincides with rising odds for Kamala Harris winning the U.S. presidential election on betting platform Polymarket. Some analysts believe this surge reflects hedging strategies among traders who are also backing Trump.
According to a report from Reuters, Edison Research, a U.S. polling firm, revealed discrepancies between its exit polls and official results. This disparity raised suspicions of vote manipulation.
With these allegations of manipulation, Trump’s potential loss seems to impact market sentiment significantly. Furthermore, Harris’s anticipated victory does not appear to encourage market recovery. So, what might happen to the market if Trump loses the election? Considering his pro-crypto stance, how might Harris’s administration affect Bitcoin?
Kamala Harris: A Challenge for Bitcoin
Not too long ago, Kamala Harris announced her support for a regulatory framework for cryptocurrency and other digital assets. She stated that this initiative aims to protect Black men who invest in and own these assets.
This statement raises eyebrows. Harris’s first specific crypto policy is centered on race, which many see as a misstep. As a supporter of Bitcoin, I find it concerning that she seems to overlook the principle of equal access that Bitcoin provides. The Bitcoin network is available to everyone, regardless of race, color, or creed.
For years, Harris and the Democrats have claimed to be “anti-racist” while labeling opponents as racists. Now, it seems she is extending this agenda to the crypto space, showing favoritism towards a specific demographic.
Imagine if Trump had proposed a similar policy that aimed to benefit white people in the crypto industry. The media would have erupted in outrage. In contrast to Harris, Trump’s policies are inclusive, aimed at benefiting all Americans in the crypto landscape.
Based on this, it is clear that Trump’s approach is more beneficial for Bitcoin. He has provided detailed plans to foster innovation in the crypto space, explaining how these policies would support everyone.
Harris’s new rhetoric appears to be nothing more than a strategy to win votes from one group while alienating others. Any voter who believes otherwise may be deceiving themselves.
We must consider whether Harris’s policies will make it easier or harder for Black Americans to access and own Bitcoin. If her administration introduces more obstacles for Black Bitcoin buyers, the consequences could be dire.
Bitcoin operates as an open-source protocol, welcoming anyone worldwide. It does not discriminate based on race. Therefore, Harris’s policy feels like a betrayal to American Bitcoin supporters. Bitcoin voters should head to the polls in three weeks to ensure she does not become President.
Trump’s Pro-Crypto Stance
Former President Donald Trump has made several promises, positioning himself as “the crypto President.” Yet, he is no longer favored to win the White House this November.
Interestingly, VanEck, an asset management firm and issuer of spot BTC ETFs, suggests that a Kamala Harris presidency might be more beneficial for Bitcoin than a second Trump term.
While the race for the White House remains competitive, crypto investors are preparing for a potential Harris presidency. Matthew Sigel, Head of Digital Assets Research at VanEck, and Investment Analyst Nathan Frankovitz believe that her presidency could be bullish for Bitcoin.
VanEck analysts emphasize that high fiscal spending, quantitative easing, rising national debt, and a weakening US Dollar are likely to continue—if not worsen—under both administrations. This environment could create a strong demand for Bitcoin. Interestingly, analysts at BlackRock have expressed similar views.
A Harris presidency could heighten these challenges, possibly leading to a Bitcoin boom.
Regardless, VanEck anticipates that Bitcoin will establish itself as a key international medium of exchange by 2050, potentially becoming a global reserve currency. In fact, the firm predicts that Bitcoin’s price could reach $2.9 million by 2050.
However, they concede that a Trump presidency would likely be more beneficial for the broader crypto ecosystem, thanks to his promises of deregulation and pro-business policies.
Despite Harris’s efforts to distance herself from President Biden’s anti-crypto stance, she recently stated at a Wall Street fundraiser that she would encourage innovative technologies, including AI and digital assets.
Harris’s close advisors—like entrepreneur Mark Cuban, Rep. Ro Khanna, and Rep. Wiley Nickel—are actively engaging with industry leaders to counter Trump’s influence.
While Trump may remain the industry’s preferred candidate which could send BTC to 100k, a Kamala Harris presidency might not hinder the anticipated crypto bull run.
Harris’s Big Tech Connections Could Benefit Crypto
Some experts argue that it’s unclear how Harris’s presidency would impact the crypto industry. Nevertheless, her pro-Big Tech stance could be advantageous for the ecosystem. Michael Brescia, CEO of Cerus Markets, states, “She has long-standing relationships with the biggest tech firms in the world, and indeed already has the full support of Meta’s former COO Sheryl Sandberg.”
Moreover, she is expected to strongly support the middle class, particularly younger members who could find ample business opportunities in the emerging Web3 industry.
Until the elections come to an end. Expect high volatility. This could lead to opportunities for investors and traders, but make sure you adjust your strategies to manage the risks that come with these swings.
Currently, we are forming a bullish divergence on the hourly chart, and if you check the daily we could form that as well.
Final Thoughts
In conclusion, the possibility of Kamala Harris winning the presidential election poses both risks and opportunities for Bitcoin. While her recent policies may raise concerns among Bitcoin supporters, there is also the potential for her administration to foster growth in the crypto space.
As we approach the elections, it’s essential for Bitcoin enthusiasts to stay informed and engaged. Regardless of the outcome, the crypto landscape will continue to evolve, presenting both challenges and opportunities.
With the future of Bitcoin at stake, all eyes will be on the election results. It’s crucial to consider how the new administration might influence the trajectory of Bitcoin and the broader crypto market.
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