The sharp rise in the virtual currency market on October 14th was also due to the influence of the vice president. kamala harris Bitwise's CIO Matt Hogan said the company's announcement of a “smart regulatory framework” for digital assets reflects the depth of investor enthusiasm.
On October 14th, Bitcoin (BTC) rose more than 5% and Ethereum (ETH) soared more than 7%. Additionally, U.S. physical Bitcoin exchange-traded funds (ETFs) saw $555 million in inflows, the highest single-day inflow in four months.
The market reaction came after Harris announced a plan aimed at protecting Black Americans who own digital assets. Despite the lack of detailed policy commitments, her remarks helped push Bitcoin's market cap by $5 billion.
Hogan emphasized that even small nods to cryptocurrencies are important moments for the industry and are enough to boost the market. He added that this sentiment indicates Bitcoin (BTC) is poised to hit new all-time highs near $80,000 well before the November election.
Hogan writes:
“[The] The rally shows that even if cryptocurrencies become popular, people don't want to be left behind. ”
Dry powder waiting to become transparent
Hogan noted that the Harris campaign's policy statement, while lacking in detail, showed that the vice president recognized the importance of cryptocurrencies to certain demographics and the broader financial environment.
Bitwise CIO said:
“That's good news. She knows cryptocurrency exists, it's important, and it's not going away. But it's not the heartfelt embrace crypto advocates were hoping for. ”
Hogan further speculated that the sharp price movements in response to Harris' comments suggested that large amounts of capital were waiting to enter the market once clear regulations were outlined.
He added that this rally could be a harbinger of the momentum Bitcoin will build once more favorable regulatory conditions emerge. Mr Hogan said:
“There's a lot of dry powder on the sidelines. As soon as you feel some clarity, I think you can move up faster.”
Bitcoin market data
At the time of press October 15, 2024, 10:29 PM (UTC)Bitcoin ranks first in market capitalization, and the price is above 0.81% Over the past 24 hours. Bitcoin market capitalization is $1.31 trillion The trading volume for 24 hours is $49.13 billion. Learn more about Bitcoin ›
$66,370.80
0.81%
Overview of the virtual currency market
At the time of press October 15, 2024, 10:29 PM (UTC)the value of the entire cryptocurrency market is $2.29 trillion in 24 hour volume $108.92 billion. Bitcoin dominance is currently 57.38%. Learn more about the cryptocurrency market ›
mentioned in this article
gino matos
Gino Matos is a law school graduate and veteran journalist with six years of experience in the cryptocurrency industry. His expertise is primarily focused on the Brazilian blockchain ecosystem and decentralized finance (DeFi) development.
Asad Jafri
AJ has been a passionate journalist since the Arab Spring in Yemen in 2011 and has spent over a decade honing his skills around the world. Specializes in financial journalism and currently focuses on reporting on cryptocurrencies.
