US Election 2024 Triggers Crypto Market Shake-up: BlackRock Accumulates Bitcoin, SOL Hits 10x Growth and More

CaptainAltcoin

The 2024 U.S. presidential election between Republican Donald Trump and Democrat Kamala Harris has heightened volatility across global markets, with crypto at the center. Both candidates have hinted at crypto-friendly policies, but their differing approaches have sparked debates and movements within the industry.

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.

Kamala Harris has also shown interest in digital asset innovation, especially in consumer-focused regulation. In September, she expressed her support for advancing technology like AI and blockchain, pledging to protect investors while fostering innovation.

Harris’s campaign actively engaged with crypto industry leaders to discuss the role of blockchain, underscoring her commitment to balanced, consumer-centered regulation. Her stance, however, appears less aggressive than Trump’s in terms of implementation, with a more gradual approach to industry integration.

Market Activity Surrounding Bitcoin and Solana

Market dynamics reveal increased activity around Bitcoin and Solana amid the election buzz. BlackRock, one of the largest institutional investors, has reportedly acquired additional Bitcoin valued at around $2.4 billion, marking a growing institutional interest in digital assets as a potential hedge against political uncertainty.

Similarly, Semler has invested $3 million into Bitcoin, underscoring its perceived stability in volatile times. Solana (SOL) has also seen remarkable growth, with its monthly active address count reportedly growing tenfold year-over-year.

This growth is partially attributed to the popularity of meme coins and payment applications built on the Solana network, signaling a broadening user base.

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.

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