The voting day for the 2024 U.S. presidential election is November 5, with results expected to be finalized around noon on the 6th Beijing time. Referring to the election processes of 2016 and 2020, polling stations in various states will open sequentially starting at 6:00 AM Eastern Time on November 5, with stations gradually closing after 7:00 PM that day, leading to election forecasts. Generally, the election results can be confirmed around midnight on the same day, corresponding to around noon on the 6th Beijing time.
With the 2024 U.S. presidential election approaching, the cryptocurrency market is experiencing unprecedented attention and enthusiasm. This political feast not only attracts the gaze of traditional media but also makes cryptocurrencies the focal point of discussion among voters and investors. Whether it’s Bitcoin’s price fluctuations or debates on cryptocurrency-related policies, the dynamics in this area have become the center of public discourse. Therefore, many market analysts believe that cryptocurrencies may be the 'real winners' of the U.S. election.
In this election, the two main candidates—Donald Trump and Kamala Harris—are actively vying for the support of cryptocurrency voters. Trump delivered a speech at the 'Bitcoin 2024 Conference', garnering widespread support from the crypto community. Meanwhile, the Democratic Party is trying to prevent crypto votes from flowing to Trump by holding industry leader meetings and launching the 'Crypto for Harris' initiative.
Both candidates are aware of the potential influence that cryptocurrencies have among today's voters. According to the latest data, one-fifth of voters in key swing states consider cryptocurrencies a critical factor influencing their voting decisions. This has positioned cryptocurrency supporters as key players in the election, becoming an invisible force in determining the outcome.
This phenomenon is unprecedented in history, as cryptocurrencies begin to demonstrate their importance on the political stage. According to OpenSecrets data, political donations from crypto companies have significantly increased over the past two years, with nearly 50% of corporate donations coming from the crypto industry. To strengthen relationships with the government, key players in the crypto industry have started collaborating with lobbying firms and donating to candidates who support cryptocurrencies.
The increase in political activities has made the voice of the crypto community louder on the political stage. Whether it’s the Winklevoss twins supporting Trump or Ripple co-founder Chris Larsen supporting Harris, it shows the diverse positions of the crypto industry in the election.
Additionally, it is worth noting that analysts at Standard Chartered predict that Bitcoin could break through the $73,000 mark on U.S. election day. This optimistic prediction has sharply increased investor demand for Bitcoin and other crypto assets, with the market generally expecting a wave of upward momentum following the election.
The Bitcoin options trading activity for October is showing a strong bullish inclination. According to Deribit data, the vast majority of call options expiring on November 29 have strike prices between $70,000 and $80,000. Many contracts in options expiring on December 27 have strike prices reaching $100,000. This data indicates that market optimism regarding Bitcoin is increasing.
This positive sentiment is reflected not only in the options market but also corroborated in the Bitcoin spot market. The number of Bitcoin holders, especially whale accounts (accounts holding large amounts of Bitcoin), has seen a significant increase recently. According to CryptoQuant data, the holdings of Bitcoin whales have reached a historical high, exceeding 670,000 coins. This is seen as a long-term bullish signal, further solidifying the bullish tone of the cryptocurrency market.
Analysts unanimously believe that regardless of the election outcome, cryptocurrencies will experience a wave of appreciation. Especially if Trump wins, Bitcoin is expected to rise by 10%, quickly breaking through historical highs. Even if Harris is elected, cryptocurrencies will still maintain good development momentum. Moreover, as Bitcoin prices rise, market sentiment will become more optimistic, potentially attracting more investors. Especially after the election results are announced, the market is full of anticipation regarding how the new government will handle cryptocurrency policies.
Looking ahead to the market situation post-U.S. election, cryptocurrencies will play an increasingly important role in the future financial ecosystem. Whether it’s changes in national policies or shifts in market sentiment, supporters and investors in cryptocurrencies need to closely monitor the impact of the election results on the market.
Overall, the 2024 U.S. election is not only a stage for political maneuvering but also a litmus test for the cryptocurrency industry. The bullish trend in the cryptocurrency market seems to be brewing a significant breakthrough, and the crypto market is expected to usher in a strong rally post-election.
As political figures place greater importance on cryptocurrencies, market optimism for future trends is becoming increasingly robust. In this context, cryptocurrencies, which have transitioned from being completely dismissed by mainstream media to cleverly 'grasping' U.S. politics, are undoubtedly the real winners of this political feast, attracting the attention of global investors.
