QCP Capital believes that the result of the presidential election might have significant influence on the trajectory of Bitcoin. This should be relayed in the current trading patterns as options contracts associated with the election are trading at a 10% premium, thus indicating increased market sensitivity towards political developments.

Who Is More Advantageous For Bitcoin: Trump Or Harris?

As for Vice President Kamala Harris, she hasn’t said much about it yet, but she is talking to some in the crypto community. That the campaign would seek to obtain crypto votes signifies that she is willing to reconsider her stance on digital currencies.

Market Predictions And Reactions

Currently, Bitcoin is trading at approximately $67,685, and some analysts anticipate that it will shortly surpass its all-time high of nearly $74,000. Bitcoin ETFs have registered a decent amount of inflows in the last few weeks, which may have been a major factor to the recent increase in Bitcoin prices.

The Bitcoin ETFs experienced a $457 million inflow on October 16, which culminated in four consecutive days of advances. This favorable momentum implies that institutional investors are becoming more optimistic about the potential of Bitcoin.

The Bitcoin market capitalization, which is still a figure of $1.3 trillion, according to some analysts, may make it less susceptible to high volatility by any verdict.

Featured image from Sky News, chart from TradingView

Since then, the market has seen a significant boost, mostly fueled by the US Federal Reserve’s (Fed) rate cut. Following the Fed’s announcement, the sector recovered 5%, continuing its ascending trajectory throughout the weekend.

Due to the positive market sentiment, crypto investment products ended the week with $321 million in inflows, the second weekly positive net flows in a row. The inflows were led by Bitcoin-based products, which registered $284 million last week, according to the CoinShares report.

BTC, propelled also by Kamala Harris�recent acknowledgment of the crypto industry, recovered 20% from the monthly lows of September 6. The rebound pushed the cryptocurrency’s price toward the $64,000 resistance level, which was last held a month ago.

Will BTC See Four Green Months In A Row?

This performance was noted by some market watchers, who suggest that Bitcoin is on its way to registering its best September so far. In an X post, Crypto Jelle highlighted that BTC “is currently on track for the strongest September performance in its history�after its current MTD return surpassed that of September 2016.

To the analyst, the flagship cryptocurrency is preparing for a “promising�performance next quarter. Jelle also pointed out that BTC has only closed September with green numbers three times.

Close this month in the green, and the odds are high October, November and December will close green as well.

The cryptocurrency’s chart displays a “massive descending broadening wedge,�which has the potential to hit $90,000 after a breakout. Ultimately, the analyst considers that Bitcoin won’t trade within this pattern for much longer.

Harris Promises Support For Crypto And AI

Speaking to donors at a fundraiser in New York City on Sunday, Harris outlined her economic agenda, which aims to foster innovation in the artificial intelligence (AI) and digital asset sectors while ensuring consumer protection, according to Bloomberg. At the event held at Cipriani Wall Street, Harris stated: 

I will bring together labor, small business founders and innovators, and major companies. We will partner together to invest in America’s competitiveness and future. We will encourage innovative technologies like AI and digital assets, while protecting our consumers and investors.

Interestingly, this is Harris’ first public comment on crypto as a Democratic presidential candidate, raising expectations among investors and enthusiasts about her stance on digital assets compared to President Joe Biden’s administration.

The cryptocurrency sector is becoming increasingly influential in the 2024 presidential election, especially as industry executives and investors express frustration over what they perceive as onerous regulations under Biden. 

In contrast, former President Donald Trump, Harris’s Republican opponent, has actively courted the crypto industry, promising to replace Securities and Exchange Commission (SEC) Chair Gary Gensler and to create a stablecoin framework. 

Harris Outraises Trump In August Fundraising Push

This financial backing surpasses the $130 million raised by Trump and the Republican National Committee during the same period, giving Harris and the Democrats a substantial $109 million cash advantage.

Kamala Harris’s recent statements have boosted her fundraising figures and led to gains for the memecoin KAMA, which has seen its first increase in over a month. Currently trading at $0.0052, KAMA has recorded a gain of 7.2%, recovering from a dip to $0.0500 earlier this month amidst a broader market decline.

Despite this recent uptick, KAMA remains down nearly 87% from its all-time high of $0.039, reached on July 24, according to CoinGecko data. 

It remains to be seen whether further announcements and statements of support for the digital asset industry could lead to further gains for the token in the coming days, with less than two months until the presidential election. 

On Thursday, Anthony Scaramucci claimed to be “working alongside�Kamala Harris to develop her campaign’s crypto policies. SkyBridge Capital’s founder announced at one of the largest crypto events worldwide that the Democratic nominee has been “hearing out�industry proponents.

Moreover, the industry advocates working alongside Harris “want to prevent�crypto policies from becoming a partisan issue, aiming for “crypto in the U.S. to have a bipartisan standard unstrained from political and tribal conflicts.�/p> Scaramucci also stated that they are working to “distance�the Democratic Party from figures like Senator Elizabeth Warren and Gary Gensler, who have had a big role in the US’s crackdown on the industry.

The Democratic candidate’s stance on the sector has been heavily speculated since she was nominated. Nonetheless, Harris, whose stance remains undisclosed, has been endorsed by several industry figures, including Ripple’s co-founder Chris Larsen and Bitcoin bull Mark Cuban.

Who Is The Crypto Industry’s ‘Favorite’ Candidate?

At the TOKEN2049 panel, Scaramucci also commented on his feelings about former US president Donald Trump. He applauded the Republican candidate for understanding the industry’s importance, claiming that he has changed the landscape ahead of the elections:

Whatever my feelings are about President Trump, I applaud him for understanding how important this industry is for the United States, and I think ironically, he’s pulling the Democrats along into a centrist position on regulation.

Trump’s stance has pushed the Biden-Harris administration toward a more industry-friendly approach in the past few months. In a recent interview with CNBC, Cardano’s founder, Charles Hoskinson, also suggested that Trump might be the favorite option from a crypto perspective.

To him, the Republican candidate is the clear industry favorite as he has openly embraced the sector, even launching a DeFi project. The community has also launched several Trump-inspired memecoins throughout his campaign, which lead the PolitiFi token sector.

Since the presidential debate on September 10, the US VP has challenged the Republican candidate’s winning odds. Prediction markets like Polymarket show that Harris’s chances of winning surpass Trump’s by 3%, with 51% odds in her favor.