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Bitcoin Whales Have Amassed $90,000,000,000 in BTC Since May

Sam Wisdom Raphael
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Bitcoin Whales Have Amassed $90,000,000,000 in BTC Since May

Bitcoin whales procure more than $90 billion worth of BTC tokens over a six-month period despite the range-bound movements in the market.

This is according to a disclosure today from CryptoQuant author Axel Adler Jr. The analyst confirmed that since May 2024, Bitcoin whales, investors holding over 1,000 BTC, have dramatically increased their holdings. 

Bitcoin Whales Amass $90B

Within the past six months, they accumulated about 1.5 million BTC. This amount represents a massive inflow of capital into Bitcoin, totaling around $90 billion based on an average price of $60,000. However, these tokens came from weaker hands who have been selling at losses.

Data from an accompanying chart confirms that these figures suggest a sharp rise in whale activity, as the whales in question initially held only 335,000 BTC in early May. Within this period, Bitcoin traded between $60,000 and $65,000. 

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Despite prices largely staying within this range, whales have continued to increase their holdings steadily. Now, six months later, these large holders possess around 1.9 million BTC, indicating confidence among high-net-worth investors despite Bitcoin’s recent price fluctuations.

Recent data suggests that the accumulation spree hasn’t cooled despite recent price corrections, as indicated by the Large Holders Netflow metric from IntoTheBlock. For instance, yesterday, BTC collapsed below $59K for the first time this month, leading to massive liquidations.

However, the Large Holders Netflow, which tracks the netflow of BTC among those holding 0.1% of the circulating supply, shows that even during this drop, large holders had a net positive inflow of 629 BTC yesterday. Two days earlier, this figure was higher, with large holders acquiring 2,480 BTC.

Bitcoin Large Holders Netflow IntoTheBlock
Bitcoin Large Holders Netflow | IntoTheBlock

Exchange Reserve Drops Despite Market Indecisiveness

Also, data from CryptoQuant shows that Bitcoin’s exchange reserve has collapsed from 2.576 million tokens at the start of October to the current figure of 2.571 million tokens despite a recent rise. This further confirms the accumulation trend.

At press time, Bitcoin currently trades at $61,690, down 1.68% for the week. The Directional Movement Index (DMI) shows that the positive directional indicator (+DI) is at 18.3, while the negative directional indicator (-DI) is slightly higher at 23.3 but moving downward. 

This indicates that while bearish sentiment remains dominant, selling pressure may be weakening. The Average Directional Index (ADX), which stands at 21.6, is also trending downward, suggesting a lack of strong momentum.

Bitcoin 1W Chart
Bitcoin 1W Chart

Additionally, the Williams %R is currently at -40.74. This level indicates that Bitcoin is in a neutral position. In other words, the market remains indecisive, and Bitcoin could remain in its current trading range for a while longer unless significant buying or selling pressure emerges.

Veteran analyst Peter Brandt recently commented on Bitcoin’s potential price trajectory, predicting that it could rise as high as $150,000 during this cycle. 

However, he also recently cautioned that if Bitcoin continues trading in its current range without a decisive upward move, a major collapse could follow. In Brandt’s view, a prolonged period of range-bound trading may lead to a 75% price drop.

Bitcoin October Rally Stalls as Long Liquidations Hit 28-Month High

Albert Brown
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Bitcoin October Rally Stalls as Long Liquidations Hit 28-Month High

The long-awaited October breakout for Bitcoin has stalled as long liquidations hit a 28-month high, with whales selling 24.1K BTC at a loss.

Bitcoin’s highly anticipated gains for October have failed to materialize, leaving market participants disappointed. Despite starting the business week on a strong note, briefly surpassing $64,400, Bitcoin’s upward momentum proved to be short-lived.

The asset soon began to retreat, with its price falling to $62,000 by midweek. As the decline intensified, Bitcoin plummeted to $60,400 on Thursday, reaching a multi-week low of $58,800 later that day.

Long Liquidations Hit 28-Month High

The decline in Bitcoin’s value has triggered a wave of long liquidations. According to data, the drop on October 1 saw $239 million in long liquidations, with another significant liquidation occurring between October 9th and 10th, amounting to $290 million. 

The latest figure represents the largest total amount of long liquidations since June 2022. Notably, Bitcoin experienced an 11% drop in just 12 days, falling from $66,500 to $58,900. The long liquidations during this period underline the heightened bearish pressure in the market, with traders facing substantial losses.

Whale Activity and Loss-Making Sales

Adding to the market’s woes, whale activity has raised concerns about the recent sell-off. Data reveals that 24,100 Bitcoin were sold at a loss within 24 hours, contributing to the overall market decline. 

This sell-off comes amid the accumulation of over 1.5 million BTC by whales, a narrative that has raised questions about the source of these holdings. The surge in loss-making sales on exchanges has intensified market uncertainty, casting doubt on whether the recovery expected during “Uptober” will materialize.

Historical Trends Offer Some Optimism

Despite the current downturn, some analysts remain optimistic about Bitcoin’s October performance. Historical data shows that Bitcoin has only closed October in the red twice in the past decade—once in 2014 and again in 2018. In both instances, the negative closings occurred in bear markets and followed bull cycles.

An analyst recently noted that 2023 does not reflect a similar bearish cycle, as the April Bitcoin halving typically ushers in bullish trends. In previous years when the halving occurred, Bitcoin posted double-digit gains in October, with increases of 14.71% in 2016 and 27.7% in 2020. 

Ethereum Teeters on Critical Support, Risks Likely 53% Correction if $2,250 Breaks

Abdulkarim Abdulwahab
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Ethereum Teeters on Critical Support, Risks Likely 53% Correction if $2,250 Breaks

While the crypto market undergoes a relief rally after the recent downturn, Ethereum (ETH) is at a pivotal moment.

On-chain indicators suggest a consequential price movement is imminent for Ethereum. Renowned crypto analyst Ali Martinez recently highlighted key trends in Ethereum’s price history, using the TD Sequential setup to forecast potential outcomes for the second-largest crypto asset.

According to Martinez, Ethereum has followed a distinct pattern over the last two market cycles. Each time its price breaks above the TD setup resistance trendline, marked in red in the chart below, ETH enters a strong bull run.

Past breakouts have seen Ethereum surge by 8,885% in the 2017/2018 cycle and 1,462% in the 2020/2021 season, pushing it to new all-time highs during each instance. A similar robust bull trend unfolded in Q1 2024 when Ethereum’s price rose from around $1,400 to over $4,000, though it failed to establish a new cycle peak during this time.

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Past Trend When Ethereum Tanked by 53% on Average

However, the flip side of this analysis is just as crucial. Whenever ETH breaks below the TD setup support trendline (green), a sharp correction tends to follow, averaging a 53% decline.

Looking at the historical chart, Ethereum has experienced three major corrections, with drops of 56.67%, 54.43%, and 51.41%, each time after losing support at key levels. 

Ethereum Teeters on Critical Support

This pattern is now repeating, with Ethereum currently hovering near the $2,250 support level. Martinez noted that if ETH fails to hold above it, the market could see another steep drop, potentially mirroring the corrections of the past.

A factor that constitutes the strength of this support level is that it is around this level that a larger pool of investors entered the Ethereum market. For instance, data from IntoTheBlock shows that 2.4 million addresses purchased ETH between $2,268 and $2,340, collectively holding 52.59 million ETH tokens.

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Martinez stressed that if this demand zone fails, it could trigger a sell-off as investors seek to limit their losses. The projected price drop could become severe as fewer addresses have bought ETH at other price levels, resulting in weak support against heavy selling pressure.

At press time, Ethereum’s market position has slightly improved, trading at $2,425, up by 1.655% over the past day.

History Suggests Bitcoin Will Not Close October Negative

Elendu Benedict
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History Suggests Bitcoin Will Not Close October Negative

Crypto analyst Rekt Capital maintains that Bitcoin will not close in the red in October, citing its historical performance.

The month of October has shockingly come with surprises as regards price expectations from the largest cryptocurrency by market cap. Bitcoin is currently on a 3.78% price deficit from its closing price in September.

Bitcoin proponents were further stunned when the premier crypto asset dropped to a 3-week price low on Thursday. For context, Bitcoin fell to $58,900 yesterday, a price it last saw in mid-September.

Amid the swelling doubts among market participants regarding October’s outturn, crypto analyst Rekt Capital has assured that the month will not close negatively.

Analyst Finds Solace in Historical Data

In a tweet yesterday, Rekt Capital noted that Bitcoin has historically closed in the red twice in October. Bitcoin closed on a deficit in October 2014 and 2018, posting negative outturns of 12.95% and 3.83%, respectively.

Rekt Capital noted that these adverse closings were due to the crypto winter seen in those years after a bull cycle. For context, Bitcoin closed with a yearly deficit of 11.39% in 2014 while consolidating from the bull cycle peak at $1,242 in November 2013. Also, the digital asset closed 2018 at a 73.48% loss after a similar cycle that saw it reach a new high of $19,785 in December 2017.

Consequently, Rekt Capital stated the crypto market is currently not in a bearish cycle, as the April Bitcoin halving has historically ushered in bullish runs. Hence, he was increasingly confident that Bitcoin would not defy past patterns and close at a loss this month.

Notably, Bitcoin’s October performance backs the analyst’s claims. In the years the halving event occurred, Bitcoin surged in double figures on the tenth month. For instance, it respectively appreciated 14.71% and 27.7% in 2016 and 2020.

Bitcoin Monthly Performance 2
Bitcoin Monthly Performance

Bitcoin’s September Performance Fuels Optimism

Furthermore, historical data on Bitcoin’s performance in September has added to the optimism that the largest cryptocurrency will not close in the red this month. Notably, Bitcoin recorded an average 25% upsurge in October, when the preceding month closed positively.

In the past twelve years, Bitcoin surged 33.49%, 14.71%, and 28.52% in October, when September closed positively. The premier crypto asset recorded these monthly gains in 2015, 2016, and 2023, respectively, and analysts expect nothing different this month.

Meanwhile, Bitcoin has shown signs of life in the past 24 hours after the dip, rebounding to $61,503 at the time of writing. Market expert Mike Alfred suggested that Bitcoin may have bottomed, as favorable macroeconomic metrics point to a continued recovery.

Ripple CEO Seeks End to SEC Enforcement Actions Against Crypto

Lele Jima
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Ripple CEO Seeks End to SEC Enforcement Actions Against Crypto

Ripple CEO Brad Garlinghouse expresses frustration over the SEC’s stringent crypto regulatory approach after the agency sued Cumberland for operating as an unregistered securities dealer. 

In an X post yesterday, the Ripple CEO called the public’s attention to fresh comments from SEC commissioner Mark Uyeda, who criticized the agency’s approach to the crypto industry as a disaster. 

SEC Commissioner Calls Agency Crypto Regulation a Disaster 

Speaking in an interview on FOX Business, Uyeda said the SEC has been implementing its crypto policies through enforcement actions. However, the regulator has also failed to provide the industry with the needed guidance. He noted that while most crypto regulations are enacted through court verdicts, there have been different and inconsistent rulings. 

“[There has been] broad frustrations with the fact that we [the SEC] have not provided guidance as to what you can and cannot do, and if you’re involved in some sort of securities offering, how you register as a broker-dealer, or as an exchange,” Uyeda remarked. 

Ripple CEO Reacts 

Commenting, Garlinghouse noted that people inside the SEC are also criticizing the commission’s crypto regulatory approach. He suggested that Uyeda’s commentary came at the same time the commission charged Cumberland with violating federal securities law. 

“This circus needs to stop,” Garlinghouse echoed. 

Cumberland Slams SEC After Its Lawsuit 

Yesterday, the SEC alleged that Cumberland operated as an unregistered securities dealer, violating federal registration requirements. It claimed that Cumberland sold $2 billion worth of crypto assets through third-party crypto exchanges since 2018. 

Per the lawsuit, the SEC labeled five cryptos Cumberland handles as securities. They include Cardano (ADA), Algorand (ALGO), Solana (SOL), Polygon (MATIC), and Filecoin (FIL). 

Responding, Cumberland criticized the SEC, emphasizing that the regulator’s “enforcement-first approach” stifles innovation and prevents legitimate businesses from dealing in digital assets. 

The company mentioned the bi-partisan criticism of the SEC, with the House Financial Service Committee calling the commission a “rogue agency” for failing to work with Congress. 

Cumberland revealed that it has taken several measures to comply with the SEC’s requirements, including acquiring a registered broker-dealer in 2019. Despite these efforts, the SEC limited the broker-dealer to trade only Bitcoin (BTC) and Ethereum (ETH). 

Notably, Cumberland said it will not change its business operations regardless of the SEC’s recent action. 

Paradigm Exec Reveals SEC Chair Secret, Garlinghouse Reacts 

The SEC’s latest action against Cumberland triggered reactions from top crypto stakeholders, including Justin Slaughter of Paradigm. 

Reacting, Slaughter said it would be pleasing to see SEC Chair Gary Gensler reveal his hidden agenda against crypto. According to Slaughter, Gensler privately says he aims to destroy the crypto industry to protect traditional financial markets. 

He suggested that Gensler is confident in betting on the SEC’s regulatory powers at the Supreme Court while singing Frank Loesser’s “Luck Be a Lady Tonight.” 

Interestingly, Ripple’s CEO reacted to Slaughter’s comment with two loudspeaker emojis. Garlinghouse’s reaction is his way of calling people’s attention to Slaughter’s post, as he agrees with the perspective. 

Expert Says Calling for a Lower Bitcoin Price is Insane: Here’s Why

Elendu Benedict
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Market expert Mike Alfred has insisted that it is insane for analysts and charters to speculate on lower Bitcoin prices at this time, given favorable economic metrics.

Bitcoin, the largest cryptocurrency by market cap, capitulated below $59,000 on Thursday amidst a sell-off catalyzed by a hawkish macroeconomic outturn. For context, the US Consumer Price Index came in hotter than expected, raising concerns that the Federal Reserve may not cut rates next month.

Amidst the chaos, some analysts have predicted that Bitcoin will see lower prices, with targets like $57,500 and sub-$50,000 emerging. However, the CEO of Digital Assets Data, Mike Alfred, argues that it is insane to speculate on lower Bitcoin prices at this point.

Market Expert Cites Favorable Macroeconomics

In a tweet today, Alfred stated that key market metrics point to an impending Bitcoin surge, in contrast to the hawkish outlook from some “chat bros.”  He noted that economic parameters like yields and inflation are ticking in favor of Bitcoin. 

Alfred noted that US Treasury yields are surging, a parameter that usually precedes an interest rate slash. For context, the US 10-Year Treasury appreciated almost 4.1% yesterday after the US CPI data.

Also, the market veteran cited a breakout in the global monetary base (M2), which has grown substantially in the past four months. The global M2 surged from $104 trillion in June to over $108 trillion this month, and Alfred expects Bitcoin to surge with it.

Meanwhile, mixed reactions continue to swell among speculators on the Fed’s next line of action in November. With analysts favoring a 0.25% rate cut, Atlanta Federal Reserve Bank president Raphael Bostic noted he was open to pausing a slash.

However, Alfred pointed to growing sentiments around a rate cut while noting that Bitcoin would not see lower prices. Notably, a reduction in interest rates increases investors’ risk appetite, favoring assets like Bitcoin.

Investors Buying the Dip

Despite the FUD surrounding the recent market downturn, traders bought the Bitcoin dip. Data from Santiment shows that weighted sentiments flipped super bullish when the premier asset dipped to a 3-month low of $58,900.

Investors saw the capitulation as an opportunity to acquire Bitcoin at a lower price. Particularly, the purchases were due to optimism that a Fed rate cut in November would push the asset’s price even higher.

It bears mentioning that Standard Chartered recommended buying Bitcoin if it dipped below $60,000. The firm noted it would be a good buy-in opportunity as the asset is headed for $200,000 in 2025.

Meanwhile, Bitcoin has rebounded from yesterday’s lows, trading at $60,860 at the time of writing.

18,000 Bitcoin Options Expiring with Max Pain at $62K Amid Weak Market

Albert Brown
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Bitcoin and Ethereum are on the verge of witnessing significant options expiries amid weak market conditions.

Specifically, on October 11, approximately 18,000 Bitcoin options are set to expire, with a put-call ratio of 0.91. The max pain point for Bitcoin is $62,000, while the total notional value of the options expiring reaches $1.1 billion.

Simultaneously, Ethereum faces the expiry of 212,000 options, with a put-call ratio of 0.4 and a max pain point of $2,450. The notional value of these Ethereum options is $510 million.

The impending expiry occurs during a period of overall market weakness. Bitcoin is trading close to the crucial $60,000 level, a price that has become increasingly contested. Ethereum is also hovering near its long-term support line of $2,300.

These levels are drawing attention from traders and analysts as the market seeks to find its next direction. With both Bitcoin and Ethereum in a critical phase, the potential for a market shift is becoming more pronounced.

Options Market Sentiment Remains Depressed

The options market reflects the broader sentiment, with the current positioning showing a marked decline. The total open interest in options has fallen to its lowest point since 2023. This downturn is a reflection of the sluggish market conditions that have dominated the first two weeks of the fourth quarter.

Despite the weak sentiment, the options market still presents opportunities for traders. Notably, implied volatility for Bitcoin options expiring on November 8 is at just 50%. This low level of volatility creates an environment conducive to building medium-to-long-term call positions at favorable prices.

Block call trading, in particular, has been more active this week, suggesting that traders are positioning themselves for potential volatility in the near future. As the U.S. election approaches, there is a good chance that market dynamics will shift, presenting fresh opportunities for both long and short-term traders.

Bitcoin’s Longest Sideways Movement 

The current market conditions have also placed Bitcoin on the verge of its longest sideways movement in a halving year. Bitcoin has now gone over 30 weeks without reaching a new all-time high, a rarity in halving cycles.

Typically, by this point in previous halving years, Bitcoin has experienced significant upward momentum. However, in 2024, the cryptocurrency has remained largely stagnant.

This extended period of sideways movement raises questions about whether Bitcoin will follow its historical pattern of strong growth during halving cycles. While past cycles, such as 2020, saw cumulative returns of nearly 4x by this stage, Bitcoin’s current return index hovers around 1.5x.

RLUSD Launch to Trigger XRP Surge to $10, Says Expert

Sam Wisdom Raphael
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RLUSD Launch to Trigger XRP Surge to $10, Says Expert

In a recent video commentary, crypto influencer Levi discussed the upcoming RLUSD stablecoin from Ripple and its potential impact on XRP.

Levi suggested that the combination of new developments in regulatory clarity and the launch of RLUSD could propel XRP to higher prices, potentially leading to a price of $10 per coin.

Levi expressed his amazement at the developments surrounding XRP in recent times, noting a range of significant events. He highlighted the SEC’s recent opposition to its own chair, Gary Gensler, and the minting of RLUSD as important for Ripple and XRP. 

Levi acknowledged that some viewers might find it confusing to see a connection between a stablecoin like RLUSD and XRP. However, he stressed that the relationship between the two assets would become clear.

The market commentator noted that RLUSD stablecoin represents one of the most important moves for Ripple and XRP in recent times. According to him, its launch would be beneficial for the XRPL ecosystem, positioning XRP to reach new price levels.

Regulatory Implications

Levi also discussed an important moment in the latest SEC Congressional hearing, where Rep. Patrick McHenry questioned SEC Commissioner Hester Peirce about the regulatory ambiguity surrounding crypto. 

Peirce admitted that the SEC’s approach to cryptocurrency lacked precision and clarity, an acknowledgment that resonated strongly with Levi’s audience. 

Levi suggested that Gensler’s career might be jeopardized by this regulatory mess. GOP presidential candidate Donald Trump has already promised to fire Gensler and Ripple CEO Garlinghouse believes Gensler could leave even if Kamala Harris wins.

According to Levi, Ripple has already taken advantage of the new developments in regulatory clarity by moving forward with RLUSD. Amid the beta testing phase, Ripple has minted millions of RLUSD, with its data added to CoinGecko.

RLUSD Market Potential and Its Impact on XRP

According to Levi, one of the most exciting aspects of RLUSD is its potential to tap into the growing stablecoin market, which currently holds hundreds of billions of dollars. 

Stablecoins such as USDT and USDC have proven essential for liquidity in the crypto market, and Levi believes that RLUSD could capture a portion of that market. This would bring additional trading volume to the XRP Ledger, making it more attractive for DeFi applications.

Levi stressed that the introduction of RLUSD as a Ripple-backed stablecoin would boost XRP’s visibility and also attract institutional players. In the past, Ripple’s institutional partners relied on other stablecoins like USDT and USDC for transactions due to legal restrictions on XRP. 

Now, with RLUSD, institutions can use a stablecoin built on Ripple’s own infrastructure, channeling more volume and liquidity through the XRP Ledger. Levi believes this shift could result in billions of dollars of daily trading volume over the next year, directly benefiting XRP.

XRP Path to $10

Levi went on to predict that the potential surge in activity on the XRP Ledger, possibly driven by RLUSD, could lead XRP to reach $10 per coin. 

He pointed out that the stablecoin would be important in expanding XRP’s use cases, from payment services to liquidity solutions for smaller market cap crypto assets. 

Monica Long, President of Ripple, also emphasized that while RLUSD and XRP serve different purposes in the payment ecosystem, both assets will complement each other, bringing more volume to the XRPL. Ripple CTO has also assured that RLUSD would not replace XRP.

However, despite his optimistic outlook for XRP, Levi remained cautious, suggesting that a market correction could be looming. 

He noted that the market had seen strong gains, with some signs indicating a pullback might be imminent. Levi predicted that, while XRP could experience a correction in the short term, the long-term prospects look highly favorable.

Shiba Inu Bull Flag To Trigger 440% Spike in SHIB Price: Analyst

Elendu Benedict
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Shiba Inu Bull Flag To Trigger 440% Spike in SHIB Price: Analyst

A prominent pseudonymous crypto analyst has called the market’s attention to a potential Shiba Inu breakout from a bull flag formation, set to drive prices over 440% to $0.000074.

Shiba Inu joined the wider market capitulation on Thursday amidst unfavorable macroeconomics. The meme coin dumped over 5% to $0.00001616 as Bitcoin temporarily fell below $60,000.

Amidst the rattling among Shiba Inu proponents over the recent price downturn, a price pattern has emerged, tipped to stir a notable uprising in the price. According to a recent analysis, SHIB is set for a 400% uptick to $0.000074, facilitated by the price structure.

SHIB Breaks Out from Bullish Flag

In his TradingView analysis, the market commentator pointed to Shiba Inu’s breakout from a bullish flag on the SHIBUSD 5-day chart. An accompanying chart shows that SHIB defied the flag price pattern, which started forming since the yearly high of $0.000045 in March, after the notable surge to $0.00002169 on September 28.

Shiba Inu price prediction per without worries
Shiba Inu price prediction

The analyst cited other confirmations of the impending rally along with the pattern. He noted that SHIB’s relative strength index also broke with its price, confirming the bullish trend. RSI on the 5D chart remains at 54.7, signaling a solid bullish trend.

Furthermore, the analyst also cited a trend reversal accompanying the bullish flag breakout. He stated that the price action defying the prevailing bearish momentum shows the shift to positive stimulus in the SHIB price.

The market speculator also cited a similar price action in January when SHIB broke out from the same bullish flag, through which SHIB surged over 406% to the March high before forming the bullish flag.

He expects a repetition of this run, tipping the bullish breakout to print higher highs and drive Shiba Inu over 440% to $0.000074. At the time of writing, SHIB changes hands at $0.0000169.

Similar Predictions

Notably, the analyst’s assertion of a price uptick coincides with predictions from other market watchers. For instance, Analyst Alan Santana stated that SHIB will trade at $0.00007 soon, citing that it is at a massive accumulation phase, which usually precedes an uptrend.

Another analyst, Javon Marks, asserted that SHIB will surpass the $0.000074 price mark and trade at $0.00008. The market expert cited a similar pattern, pointing to a breakout from a falling wedge formed since March.

Pro-Bitcoin Donald Trump Now Leads Harris in Election Odds by 13%

Abdulkarim Abdulwahab
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Pro-Bitcoin Donald Trump Now Leads Harris in Election Odds by 13%

With less than 26 days until the U.S. presidential election, the likelihood of Donald Trump emerging victorious is surging, leaving Kamala Harris behind, according to a widely followed prediction poll.

According to Polymarket, the leading decentralized prediction market, Trump’s chances of winning the 2024 election are now at 56%. This figure marks a 2.1% uptick in the last 24 hours.

Donald Trump Leading Harris by 13%

In contrast, the Democratic Party’s candidate, Kamala Harris, lags behind with a 43.5% chance of winning, which is a 1.8% decline over the past day. Essentially, this indicates that Trump leads with 13% odd.

Per the prediction portal, Trump is favored in most U.S. states, with respondents overwhelmingly voting in his favor.

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Before the current results, Trump led by a landslide margin, particularly when the Democratic Party candidate was still Joe Biden. As Harris emerged in August, her rankings gradually improved, reaching a neck-and-neck position in September. However, Trump is now regaining a strong lead.

Donald Trump’s Pro-Bitcoin Stance is a Helping Factor

Public commentators believe Trump’s increased chances are attributed to his fervent support for cryptocurrency assets and his promises to improve the industry compared to the current administration.

Both the Republican and Democratic parties recognize the substantial voting power of the crypto community, which could make a decisive impact. While the Democrats are late to capitalize on this potential, Trump has been proactive in acknowledging it.

For instance, Trump has repeatedly stated that the future of cryptocurrency would be safer under his presidency, teasing the use of Bitcoin for the payment of U.S. debt. He has even vowed to fire the controversial Gary Gensler of the SEC.

Interestingly, Trump opposes the current administration’s sale of Bitcoin. He argues that the significant volume of Bitcoin under the government’s control, valued at over $35 billion, could be put to better use than selling, such as paying down the national debt or holding it as a reserve currency.

In his view, cryptocurrency assets have a bright future, and the U.S. deserves to lead the industry.

Harris Still Has Crypto Backing

On the other hand, Kamala Harris’s political camp has only recently acknowledged digital assets, doing so just last month. Despite this, some figures in the crypto industry are supporting Harris for the presidency over Trump, who has been more vocal about his pro-Bitcoin stance.

Among the crypto industry leaders supporting Harris are Ripple’s chairman Chris Larsen and billionaire Mark Cuban. Meanwhile, Ripple’s CLO Stuart Alderoty and other prominent figures, such as Elon Musk, are backing Trump.

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