During times of uncertainty, the increased availability and accessibility of an investor’s portfolio can lead to reduced volatility and panic across all asset classes, including crypto-native tokens.
Billionaire Mark Cuban, Wall Street financier Anthony Scaramucci and congressman Adam Schiff were among a group of cryptocurrency advocates who called on Kamala Harris to reset the Democratic party's policy on digital assets ahead of the November election. On Wednesday night, the new group Crypto4Harris convened its first virtual gathering to discuss how it can support the Vice President's electoral campaign, while also calling for Harris to end the Biden administration's crackdown on the cryptocurrency industry. In a sign of how urgently crypto has become an election issue for Democrats, Senate Majority Leader Chuck Schumer appeared and said he wanted to pass a crypto bill this year, without elaborating.
The share of stablecoins versus total cryptocurrency market capitalization is relatively unchanged this year, the report said.
Institutional players are increasingly driving crypto markets as ETFs gain traction and regulatory clarity emerges.
Chris Sullivan sees bitcoin’s future growth tied to reallocation trends in global investment portfolios.
The digital assets industry is now a full-blown political issue, and Wall Street firms with crypto exposure are staying cautious ahead of November's U.S. election. Whether the next election will result in Donald Trump or Kamala Harris occupying the Oval Office for the next four years, one thing Wall Street firms agree on is that either nominee will bring crypto regulation forward.
The crypto landscape is currently navigating a complex terrain of stringent regulatory challenges and optimistic market developments. With Kamala Harris's advisors—Brian Deese and Bharat Ramamurti—continuing the administration's tough stance on crypto, regulatory pressures are expected to remain high. However, despite these hurdles, the market shows resilience, with robust trading activity and increasing institutional investments highlighting its enduring potential.
The latest price moves in bitcoin (BTC) and crypto markets in context for Aug. 15, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
August will be a more difficult month for the miners as the price of bitcoin has dropped about 5% while the network hashrate has started to grow again, the report said.
Five Bitcoin-centric stocks in focus are: NVDA, COIN, SQ, IBKR, HOOD.