November 6, 2024
Crypto prices rise on Election Day as investors anticipate outcome
 #CriptoNews

Crypto prices rise on Election Day as investors anticipate outcome #CriptoNews

Cash News

Cryptocurrency prices climbed on Tuesday amid a broader market rise as investors anticipate the outcome of the U.S. election.

Major cryptocurrencies saw prices increase on Election Day ahead of results being announced later in the day. Exchange traded funds (ETFs) based off of crypto assets also rose during Tuesday’s trading.

Bitcoin was up more than 2.3% as of Tuesday afternoon at a price of $69,402 after having surpassed the $70,000 threshold earlier in the session.

Major bitcoin ETFs rose by an even higher amount through Tuesday afternoon. The iShares Bitcoin Trust ETF, ARK 21Shares Bitcoin ETF and Franklin Bitcoin ETF were each up over 3.2%, with the Fidelity Wise Origin Bitcoin Fund up nearly 3.1%.

CRYPTO INDUSTRY ELECTION SPENDING TALLIES AT LEAST $238M, SURPASSING TRADITIONAL GIANTS

Bitcoin Cash

Prices for bitcoin and other major cryptocurrency assets, along with related ETFs, rose on Election Day. (Photographer: Timothy Fadek/Bloomberg via Getty Images / Getty Images)

The price of ethereum increased over 1.3% on Tuesday and was trading at about $2,430 in mid-afternoon, after it briefly reached $2,476 a few hours earlier. The ProShares Ether ETF was up over 0.5%.

Ticker Security Last Change Change %
ARKB ARKB – ARK 21SHARES BITCOIN ETF – USD ACC 69.34 +2.20

+3.28%

It will go ISHARES BITCOIN TRUST – USD ACC 39.51 +1.26

+3.29%

FBTC FIDELITY WISE ORIGIN BITCOIN FUND – USD ACC 60.66 +1.89

+3.22%

BC FRANKLIN BITCOIN ETF – USD DIS 40.24 +1.25

+3.21%

EETH PROSHARES ETHER STRATEGY ETF – USD DIS 48.59 +0.11

+0.23%

Ripple was up a little more than 1.5% in mid-afternoon trading after paring back some of its gains earlier in the day.

Dogecoin also pulled back some of its earlier gains but was up more than 6.4% in afternoon trading.

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Trump dancing at rally

Former President Trump has said he wants to make the U.S. the “cryptocurrency superpower of the world.” (James Devaney/GC Images / Getty Images)

Both of the two leading contenders for the presidency – former President Donald Trump and Vice President Kamala Harris – have vowed to boost the crypto industry if they win the White House.

Trump said at a bitcoin conference in July that he wants to make the U.S. the “crypto capital of the planet” and the “bitcoin superpower of the world” if he wins the election.

TRUMP CRYPTO VENTURE UNVEILING STIRS SKEPTICISM; FEW DETAILS REVEALED

Vice President Kamala Harris

Vice President Harris has said she wants to encourage the digital assets industry and AI. (CHARLY TRIBALLEAU/AFP via Getty Images / Getty Images)

He said that he would replace Gary Gensler, the chair of the Securities and Exchange Commission (SEC)who has carried out a regulatory crackdown on the digital assets industry in an effort to root out bad actors. Trump said he would establish a crypto advisory council and that his administration would have a more favorable regulatory approach to digital assets.

Harris said in a September speech to Wall Street donors that her administration “will encourage innovative technologies like AI and digital assets while protecting consumers and investors,” according to a Bloomberg report. “We will create a safe business environment with consistent and transparent rules of the road.”

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The vice president hasn’t stated whether she would remove Gensler as SEC chair if elected.

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