Source: CoinWorld
Author: Cyber Melon Farmer
Introduction: The crypto market has invested a total of $169 million in the US election, but the first round of US presidential debates, which attracted global attention today, did not mention the crypto market at all. After the election, Trump received $1 million in ETH, and related MEME fell 7%. Where did the money go?
Yesterday, Gua Nong published an article titled "Narratives before the US Election: Cryptocurrency Stepping on the US Dollar". The article pointed out that under the current situation of interest rate cuts and loosening market currency circulation in the United States, crypto whales continue to sell large assets, with a total of 13.1 billion US dollars in assets thrown out and no one taking them, causing market fluctuations and price declines. However, from the perspective of the development of the crypto market in 2024, the market heat seems to be negatively correlated with the K-line value. The market continues to fluctuate under the situation of various favorable factors. BTC hit the 70,000 US dollar mark but failed to pass it and fell to the 60,000 mark. For a time, market panic spread.
At the end of the article, the melon farmer put forward a conjecture. Combined with the news that the United States may cut interest rates between July and November, the interest rate cut before the election will release money into the hands of oligarchs, and promote market prosperity through the hands of oligarchs. At the same time, the large-scale selling of crypto assets caused market panic, and oligarchs and whales entered the market at low prices in the constant shock. After the election, the United States announced an interest rate hike policy to reduce the circulation of funds in the market, and tightened monetary policy while recovering funds to raise the price of US dollars and crypto assets. At this time, the crypto-related organizations that supported the presidential campaign at the time also received better returns.
Of course, all this is just speculation.
The crypto market held hostage: $169 million invested, no word
In the eyes of melon farmers, the past development of the crypto market has been barbaric and chaotic, and has always been in a state of being unloved by uncles and grandmothers. It has been recognized by some small countries and islands on the grounds of money laundering or various gray transactions, but the mainstream financial market has never taken a serious look at the crypto market.
This situation will change in 2024, but from now on it seems that this supervision is not as two-way as people expected with the government system.
It is reported that crypto market giants invested $169 million to influence more than 20 members of Congress to win in the primary elections, while the crypto industry spent millions of dollars on advertisements that did not mention crypto assets.
This bold text is just a quick news. Will anyone see this and ask why?
In response to this, the giant organization also gave a response: "They said that tens of millions of American voters want the government to accept and formulate customized rules for digital assets." Is that all?
In a filing with the U.S. Securities and Exchange Commission, the listed company Coinbase did disclose that “In December 2023, we, along with many other cryptocurrency and blockchain market participants, supported the establishment of the Fairshake Political Action Committee to support political candidates who support cryptocurrency and blockchain innovation and responsible regulation in the 2024 U.S. presidential election.” Who are the “political candidates who support cryptocurrency and blockchain innovation and responsible regulation” here? I believe everyone already has an answer in their minds.
There is still a small detail here. Companies that invest in political candidates have more or less faced enforcement disputes with federal regulators. Under this condition, three companies recently made a round of donations - each contributing $25 million.
Interesting!
Of course, we cannot favor one over the other. In addition to supporting political candidates who support the crypto market, the giants also support candidates who do not support the crypto market. With the push of multiple parties, both have MEME. At the same time, with the simultaneous push of the two parties (Democratic Party and Republican Party), the FIT21 crypto regulatory bill that everyone knows may have come into being.
The presidential campaign ended with both raising donations, and both MEMEs plummeted
169 million was spent, BTC spot ETF was issued, ETH spot ETF was issued, FIT21 bill was passed, and K-line fell instead of rising. Wow, intriguing, endless aftertaste, heart-wrenching, magnificent, magnificent.
In the minds of melon farmers, human nature is to seek profit, the underlying logic of society is value exchange, and the premise of cooperation is win-win. So, why did the capitalists spend 169 million yuan?
If yesterday's report was just speculation, today's report has given melon farmers some certainty.
Perhaps part of it is that the President of the United States, the world's top trading power, is unwilling to comment on a tiny market like crypto, but another part is that the oligarchs in the crypto market really don't want to be exposed too much.
Judging from the spot value of BTC today, the price of BTC was pulled up before the first round of US presidential debate speeches began at 9 pm Eastern Time on June 27 (9 am Beijing Time today). Until the debate officially began, the price of BTC reached today's peak of US$62,225.31. Then it began to fall all the way before the debate ended.
You know, the "political candidate who supports cryptocurrency and blockchain innovation and responsible regulation" that you support today has a 67% chance of winning.
Not rising? Falling?
On the other hand, the memes related to the two debaters have plummeted. I can understand DoBen/SOL, but did TRUMP/USDT also fall? Or did it start falling right after he spoke? Take a good look at this picture. Don’t just ignore the 67% winning rate. This really can’t be ignored. This 67% determines the top spot of the world’s most powerful country.
The debate ended. At 14:20 pm, Kraken co-founder Jesse Powell said on his social media platform that he personally donated $1 million to Trump's campaign, mainly in ETH. He also attached a photo of the two of them on Twitter. (Friends who are interested can find it by themselves. I'm lazy.)
A 67% win rate plus $1 million in donations resulted in a 7.3% drop. Melon farmers would like to ask, where did the money go?
If you don’t spend money now, you might be investing in the future.
Since the crypto giants remained silent and did not mention crypto at all in the first round of debates, I would like to make a bold prediction that crypto-related topics may not appear in subsequent debates.
If you want to hide, then hide it!
With the market's continuous selling pressure, the crypto market will only experience a carnival after the election.
