US Election 2024 Triggers Crypto Market Shake-up: BlackRock Accumulates Bitcoin, SOL Hits 10x Growth and More
The race’s tight nature and potential delays in result announcements only amplify market tension. As Election Day unfolds, key players in crypto are already making moves, with tokens like Bitcoin and Solana experiencing shifts that underscore the current landscape.
Trump and Harris Campaigns Boost Interest in Crypto
Donald Trump’s pro-crypto stance, outlined in a July speech at Bitcoin 2024 in Nashville, includes promises that appeal directly to crypto advocates. Trump suggested forming a national Bitcoin reserve and establishing a dedicated presidential council on crypto regulation.
Additionally, he has pledged to replace current SEC leadership with more crypto-supportive figures. In an unusual move, Trump’s sons recently launched a crypto exchange, World Liberty Financial, further signaling the family’s commitment to digital assets.
Market Activity Surrounding Bitcoin and Solana
Memecoins and Market Trends Amid Election Day
On the eve of the election, memecoins like $MAGA, $DOGE, and $TROY have shown notable movements. $MAGA, inspired by Trump’s campaign, saw a steep 50% decline in the weeks leading up to the election, likely due to speculative trading tied to Trump’s prospects.
Meanwhile, $DOGE continues to benefit from its association with Elon Musk, who has publicly voiced his support for Trump. $TROY, gaining traction through a meme and AI narrative, aims to bring mainstream applications to its ecosystem, contributing to its steady rise.
These tokens showcase the varying impacts of political sentiment and hype cycles on individual crypto assets.
