Key Points
- The total crypto market cap has risen by 1.5% post-election, with Bitcoin reaching an ATH of over $76,000.
- Experts predict a more crypto-friendly regulatory landscape and foresee a retail-driven altcoin rally.
The crypto market has seen a 1.5% increase in the total cap following the recent U.S. elections. The month of November, dubbed ‘Moonvember’, has seen significant gains for cryptocurrencies, particularly Bitcoin (BTC), which reached an all-time high of over $76,000.
Impact of U.S. Elections on Crypto
Matthew Sigel, Head of Digital Assets Research at VanEck, suggests that the Republican Party’s victory could lead to a more crypto-friendly regulatory environment. He criticized the SEC’s approach to individuals under unclear rules and called for an end to proactive lawsuits, focusing instead on credible fraud investigations. Sigel also highlighted the need to modernize financial regulations.
Sigel believes that the Democratic administration’s executive order in March 2022, which prioritized enforcement over innovation, led to intense scrutiny of the crypto industry. He further stated that Bitcoin poses a significant threat to the dominance of fiat currency.
Future of Crypto Post-Election
Haseeb Qureshi, Managing Partner at Dragonfly, also shared his insights on the election’s impact on crypto. He predicted that Republican support would likely fuel a pro-crypto movement in the U.S. and highlighted the renewed bipartisan support for digital assets. However, he also noted that the pace and extent of regulatory changes remain uncertain.
Qureshi anticipates an upcoming retail resurgence that could drive an altcoin rally. While institutional investments have primarily driven Bitcoin’s success, he foresees a retail-driven liquidity cycle that could fuel an explosive rally in altcoins.
As the month progresses, the crypto market is closely watching to see if ‘Moonvember’ will bring unprecedented growth and solidify a new era of confidence.
