As a seasoned crypto investor with several years of experience, I’ve seen my fair share of market fluctuations driven by political events. The surge in crypto liquidity following President Biden’s announcement of Kamala Harris as his running mate was an interesting turn of events that caught many investors by surprise.
According to Coinglass, a well-known crypto data analysis platform, there has been a significant increase of 150% in crypto liquidity following President Biden’s announcement that he would be stepping down from the presidential race. Vice President Kamala Harris was subsequently chosen as his replacement, but this news did not significantly impact the cryptocurrency market, which experienced only a slight downturn.
Statistics Show That Bitcoin Leads the Chart
Based on Coinglass data, Bitcoin led the pack with a total of $49.5 million in liquidations, including $21.5 million from short positions and $27.9 million from long positions. Ethereum followed closely behind with $36.6 million in liquidations, comprised of $27 million worth of long positions and $9.6 million in short positions.
Based on my extensive experience in cryptocurrency trading and data analysis, I can confidently assert that Binance led the pack in 24-hour liquidations with a staggering total of $84 million. Remarkably, an impressive 66.7% of these liquidations were long positions, implying that a significant number of traders holding long positions on Binance experienced large losses during this timeframe.
Experts are currently debating if Kamala Harris’ ascension in the presidential race could impact the crypto industry. Some believe it will due to Ryan Montoya’s appointment as her scheduling and advance director during Joe Biden’s campaign leadership.
Montoya is known for his tech-savvy viewpoint and has actively championed the use of blockchain technology. However, it’s important to note that Harris has not yet revealed her choice for a running mate, and none of the leading contenders have publicly expressed support for cryptocurrencies as of now.
Survey States that Crypto Assets Are Increasingly Important
According to a recent Harris Point survey commissioned by Grayscale, cryptocurrencies hold significant weight in the minds of voters in this election. Consequently, it has been dubbed the “Bitcoin Election.” The data revealed that approximately half (47%) of the voters are considering adding cryptocurrencies to their investment portfolios.
Additionally, the Bitcoin craze captured the attention of most voters. Significant occurrences in the world of cryptocurrency, such as the approval of the Bitcoin ETF in January 2024 and the halving event in April of the same year, fueled this belief. Among the surveyed individuals, approximately one-fifth expressed an inclination towards investing in Bitcoin.
Former President Trump May Be Changing His Mind on Crypto
Trump’s stance on cryptocurrencies, including Bitcoin, could shift significantly. Previously, he dismissed them as “scams,” but their potential impact on his political campaign may have changed his perspective. In early 2024, Trump declared that as president, he would prevent the creation of a central digital currency.
Subsequently, Senator Tim Scott and he held a town hall discussion on Fox News. During this event, he acknowledged that while he personally favors the US dollar, he cannot disregard the fact that Bitcoin’s popularity is surging at an impressive rate. Consequently, he was invited to speak at the Bitcoin Conference, scheduled for July 25-27.
He is set to deliver a speech in Nashville on Saturday at 3 pm Eastern Time. Some speculate that he may discuss possible new regulations concerning Bitcoin and other virtual currencies during his talk. A quick reminder, Trump previously introduced a non-fungible token on the Solana platform in April.
As a crypto investor, I was encouraged when the authorities expressed no intention of cracking down on Bitcoin in March during an interview with CNBC. In fact, I was further reassured by their uncertainty about whether they should even consider taking it away at that moment.
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2024-07-24 21:10