Today’s Bitcoin (BTC) update: Trump incentivizes crypto investments, $52 million targeted as Spot ETF popularity decreases.

As we head into the US Presidential Election, the impact on the crypto market is becoming a hot topic of discussion. The StandWithCrypto campaign, initiated by Coinbase in 2023, highlights the growing influence of the crypto community in America, with 52 million Americans reported to own some form of cryptocurrency. And according to recent statements from former President Trump, crypto enthusiasts may find themselves siding with the Republican Party.

A Trump victory could potentially bring about changes in the regulatory landscape for cryptocurrencies, potentially ending the SEC’s heavy-handed approach to enforcement. This could have significant implications for ongoing cases against major players in the industry, such as Coinbase, Kraken, and Robinhood. Additionally, a Trump win may also impact the SEC’s plans to appeal the Programmatic Sales of XRP ruling, opening the door for a more favorable environment for crypto investors.

Related:  Forecasting Bitcoin Prices: Bull Pennant Pattern Hints at Potential Upside Targets

One area that could see significant growth with a crypto-friendly administration is the ETF market. Grayscale remains optimistic about the SEC approving ETH-spot ETFs, despite potential delays. With SEC Chair Gary Gensler’s recent comments on Ethereum, the market eagerly awaits further developments in this space.

From a technical perspective, Bitcoin continues to show a mix of bearish near-term trends and bullish longer-term trends. Traders are closely watching key levels for a potential breakout, including the $64,000 resistance level. A move above this level could see BTC heading towards new all-time highs, while a break below key support levels could signal a deeper correction.

As we navigate the complex regulatory landscape and market dynamics, it’s crucial for investors to stay informed and adapt to new developments. Stay tuned for further updates on SEC activity, ETF approvals, and market analysis to make informed investment decisions in the ever-evolving crypto landscape. Stay connected with Extreme Investor Network for the latest insights and analysis on the world of investing and trading.

Related:  Putin signs law prohibiting crypto payments in Russia

Source link