Altcoins face uncertain future amid US election outcome, Bitcoin unshaken

Share This Post

As the US presidential election approaches its conclusion, altcoins have become a focal point for traders, who anticipate a significant market impact based on the outcome, according to a Bloomberg News report.

The report noted that while Bitcoin (BTC) holds steady at around $70,000 — roughly 5% below its all-time high — altcoins like Dogecoin (DOGE) and Solana (SOL) are seeing increased volatility as speculation grows about potential shifts in US crypto policy.

In a notable move, Dogecoin surged 18% after Elon Musk hinted at a hypothetical “Department of Government Efficiency” (D.O.G.E.) if former President Donald Trump is victorious. The token, now trading at approximately 17 cents, has doubled in value since the start of the year.

Bitcoin safe, altcoins threatened

Zaheer Ebtikar, the founder of Split Capital, said Bitcoin would thrive in this bull cycle regardless of who wins the elections. However, Vice President Kamala Harris’ win might create a landscape where altcoins struggle due to heightened regulatory scrutiny.

Historically, altcoins tend to surge during bull markets, with investors often moving into these smaller-cap assets after Bitcoin rallies. However, this past year has been challenging for altcoins, which have generally underperformed compared to Bitcoin, with a few exceptions among high-risk “memecoins” like Dogecoin.

A Galaxy Research “policy scorecard” contemplating the US presidential candidates’ stances also highlighted that Harris’ term might pose a risk to altcoins. Meanwhile, Galaxy analysts expect an “explosive upside” for the entire market if Trump wins.

Vetle Lunde, head of research at K33 Research, stated that a Harris win will likely drive prices down initially, but the dump may be short-lived. Lunde added that broader macro factors and decreased election uncertainty will likely support a year-end rally.

Options on Deribit, the largest crypto options exchange, indicate a split view among traders, with increased interest in protective puts and bullish calls. This suggests that while some are hedging against potential regulatory challenges under a Harris administration, others are banking on a market lift if Trump wins.

The post Altcoins face uncertain future amid US election outcome, Bitcoin unshaken appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Did MicroStrategy Buy Bitcoin Over the Weekend? Rumors Point to a Major BTC Accumulation!

The post Did MicroStrategy Buy Bitcoin Over the Weekend Rumors Point to a Major BTC Accumulation! appeared first on Coinpedia Fintech News Michael Saylor’s MicroStrategy is at it again, with rumors

Crypto Hack Weekly Report: Threat Analysis and Major Escalation of Hacks

The post Crypto Hack Weekly Report: Threat Analysis and Major Escalation of Hacks appeared first on Coinpedia Fintech News The past week features the first-ever AI poisoning attack, as well as

Russia Cautious on Tokenizing Real-World Assets

The Bank of Russia’s report highlights the potential benefits of tokenizing real-world assets but also emphasizes the need for a clear regulatory framework Expanding the Value of Traditional

Top Altcoins That Can Hit An ATH This Week?

The post Top Altcoins That Can Hit An ATH This Week appeared first on Coinpedia Fintech News Story Highlights The Solana price hits a new high of $26384 on 23rd November The Stellar price soared over

The Sandbox (SAND) Price Primed to Hit $1 After Momental Surge— Decentraland (MANA) Price to Follow the Suit

The post The Sandbox (SAND) Price Primed to Hit $1 After Momental Surge— Decentraland (MANA) Price to Follow the Suit appeared first on Coinpedia Fintech News For quite a long time, NFT space

Crypto Liquidations Top $494M as Altcoins Gain Bullish Momentum

The post Crypto Liquidations Top $494M as Altcoins Gain Bullish Momentum appeared first on Coinpedia Fintech News As Bitcoin (BTC) closed the third consecutive week in the price discovery phase, the