Matt Hogan, Bitwise CIO, said the cryptocurrency market’s surge on October 14, spurred in part by Vice President Kamala Harris’ announcement of a “smart regulatory framework” for digital assets, was driven by investment trends. It is said to reflect the depth of the family’s passion.
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 rally tells us that people don’t want to be left behind when cryptocurrencies take off.”
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
As of press time, October 15, 2024, 10:29 PM (UTC), Bitcoin is ranked #1 by market capitalization, and its price has increased by 0.81% in the past 24 hours. Bitcoin has a market capitalization of $1.31 trillion and a 24-hour trading volume of $49.13 billion. Learn more about Bitcoin ›
October 15, 2024, 10:29 PM (UTC)
$66,370.80
0.81%
Overview of the virtual currency market
As of press time, October 15, 2024 at 10:29 pm UTC, the total value of the virtual currency market is valued at $2.29 trillion, with a 24-hour trading volume of $108.92 billion. There is. Bitcoin’s dominance is currently 57.38%. Learn more about the cryptocurrency market ›
Authors mentioned in this article
Gino Matos CryptoSlate Reporter
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.
Editor Editor
CryptoSlate’s Assad Jafri Editor and Reporter
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.
Disclaimer: The opinions of our writers are solely their own and do not reflect the opinions of CryptoSlate. Information read on CryptoSlate should not be taken as investment advice. Additionally, CryptoSlate does not endorse any projects mentioned or linked to in this article. Purchasing and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to the content of this article. Finally, CryptoSlate is not responsible if you lose money on cryptocurrency transactions.
