How the 2024 U.S. Presidential Election Could Affect the Cryptocurrency Market
As the 2024 U.S. presidential election approaches, the crypto community is keenly observing how the outcome could affect the market.
The upcoming 2024 U.S. presidential election is being closely watched by the crypto community, as the outcome could have a significant impact on the market. Both Kamala Harris, the Democratic candidate, and former President Donald Trump are expected to affect Bitcoin and the broader cryptocurrency market, but in different ways.
Kamala Harris, known for her more cautious stance on cryptocurrency, could present challenges for the broader crypto market. Experts at VanEck, a major digital asset research firm, suggest that a Harris administration might maintain Gary Gensler as SEC Chair, which would likely result in stricter regulatory policies for the crypto industry. Aligning her financial policies with the more regulatory-focused wing of the Democratic Party, represented by figures like Senator Elizabeth Warren, could create an environment that hinders institutional adoption of digital assets.
While this regulatory tightening might slow the overall growth of cryptocurrencies, VanEck speculates that Bitcoin could actually benefit from such a scenario. Increased fiscal spending and tighter regulations could push more investors to see Bitcoin as a hedge against economic uncertainty and inflation. In other words, a Harris presidency could indirectly boost Bitcoin’s appeal as a safe haven asset.
On the other hand, a Trump presidency would likely favor the entire cryptocurrency ecosystem. Trump has positioned himself as a pro-crypto president, advocating for deregulation and business-friendly policies. Under his leadership, the crypto sector could experience less regulatory scrutiny, providing a more conducive environment for growth and innovation.
VanEck analysts believe that a Trump administration would be more favorable for the broader crypto market. Deregulation could especially benefit crypto entrepreneurs and lead to an expansion of the market.
Despite differing views on how Harris or Trump might impact the crypto sector, most analysts agree on one thing: Bitcoin is poised for growth, no matter who wins. Bernstein, a major investment research firm, predicts that Bitcoin could surge to between $80,000 and $90,000 if Trump wins the election. However, if Harris wins, the market could see Bitcoin’s price testing the $30,000 to $40,000 range in the short term.
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When choosing a cryptocurrency exchange, priority is given to compliance, liquidity, service type and regional adaptation: 1. Compliance: Choose a platform regulated by SEC, FINCEN or the EU, such as Coinbase, Bitstamp. 2. Liquidity: Binance and OKX are suitable for large-value trading. 3. Service type: Newbie choose Coinbase, derivative traders choose Bybit or Bitfinex. 4. Regional adaptation: Asian users choose Huobi, European and American users choose Kraken.

When choosing a cryptocurrency exchange, you should consider: 1. Compliance, and give priority to platforms regulated by SEC, FINCEN or the EU, such as Coinbase, Bitstamp; 2. Liquidity, Binance and OKX are suitable for large-scale trading; 3. Service type, novices choose Coinbase, derivative traders choose Bybit or Bitfinex; 4. Regional adaptation, Asian users choose Huobi, European and American users choose Kraken.

The following factors should be considered when choosing a bulk trading platform: 1. Liquidity: Priority is given to platforms with an average daily trading volume of more than US$5 billion. 2. Compliance: Check whether the platform holds licenses such as FinCEN in the United States, MiCA in the European Union. 3. Security: Cold wallet storage ratio and insurance mechanism are key indicators. 4. Service capability: Whether to provide exclusive account managers and customized transaction tools.

Priority is given to compliant platforms such as OKX and Coinbase, enabling multi-factor verification, and asset self-custody can reduce dependencies: 1. Select an exchange with a regulated license; 2. Turn on the whitelist of 2FA and withdrawals; 3. Use a hardware wallet or a platform that supports self-custody.

Cryptocurrency data platforms suitable for beginners include CoinMarketCap and non-small trumpet. 1. CoinMarketCap provides global real-time price, market value, and trading volume rankings for novice and basic analysis needs. 2. The non-small quotation provides a Chinese-friendly interface, suitable for Chinese users to quickly screen low-risk potential projects.

Institutional investors should choose compliant platforms such as Coinbase Pro and Genesis Trading, focusing on cold storage ratios and audit transparency; retail investors should choose large platforms such as Binance and Huobi, focusing on user experience and security; users in compliance-sensitive areas can conduct fiat currency trading through Circle Trade and Huobi Global, and mainland Chinese users need to go through compliant over-the-counter channels.

Cryptocurrency market data can be obtained from the following five channels: 1. Exchange market pages (such as Binance, OKX, gate.io) provide real-time price and in-depth charts; 2. Professional market data platforms (such as CoinMarketCap, CoinGecko, TradingView, AI coins) provide global cryptocurrency data and analysis tools; 3. On-chain data and DeFi market tools (such as DeFiLlama, Dune analysis) focus on DeFi projects and on-chain data; 4. News and comprehensive market websites (such as Coinjie.com, Currency.com) provide real-time currency price and market analysis; 5. Social media and communities (such as Twitter, Telegram) can obtain market sentiment and sudden new

Domestic user adaptation solutions include compliance channels and localization tools. 1. Compliance channels: Franchise currency exchange through OTC platforms such as Circle Trade, domestically, they need to go through Hong Kong or overseas platforms. 2. Localization tools: Use the currency circle network to obtain Chinese information, and Huobi Global Station provides a meta-universe trading terminal.

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