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On Tuesday, the cryptocurrency market displayed mixed movements as investors eagerly awaited the U.S. presidential election outcome. Major cryptocurrencies like Bitcoin, Ethereum, BNB, Solana, and Toncoin saw declines of up to 6%.
However, other tokens, including XRP, Dogecoin, Shiba Inu, Polkadot, and NEAR Protocol, experienced gains of up to 10%. Bitcoin’s dominance remains at 60%, with its 24-hour trading volume rising 24% to $41.54 billion, according to CoinMarketCap.
As an investor or trader, we know you’re at the edge of your seat today. Here’s what Trump’s pro-crypto strategy means for you.
Trump’s Pro-Crypto Campaign: A Bold Vision
Amid this market volatility, former President Donald Trump has launched a pro-crypto agenda as part of his 2024 campaign. His plan aims to position the United States as a global leader in digital assets and includes some groundbreaking proposals. Trump suggests establishing Bitcoin as a strategic national reserve asset, even hinting that it could be used to alleviate the national debt.
Trump’s crypto strategy also involves taking a firm stance against central bank digital currencies (CBDCs), proposing a ban to safeguard individual financial freedom. Additionally, he plans to end regulatory pressures on the crypto industry, targeting the SEC’s “crypto crackdown” specifically. His agenda resonates with crypto enthusiasts, as he vows to protect Americans’ rights to mine and self-custody their digital assets.
The important thing on his agenda right now is the regulations, Trump aims to replace current SEC Chair Gary Gensler with a more crypto-friendly figure. He also proposes creating a dedicated regulatory committee to establish supportive policies. In a bid to make the U.S. a leader in Bitcoin mining, he advocates for a “Made in the USA” policy, which could boost the country’s dominance in the mining industry.
Also Read : Kamala Harris’s Victory May Trigger a Bitcoin Crash: What You Should Know ,
Trump’s Unique Appeal to Crypto Supporters
Trump has even suggested revisiting the case of Silk Road founder Ross Ulbricht, hinting at a potential sentence commutation. This campaign strategy presents Trump as a pro-crypto candidate, promising significant changes that could reshape the U.S. crypto landscape if he wins the 2024 election.
However, the market data from Polymarket shows that Trump holds a 61% chance of winning however Harris has only 39%.