Report on the Impact of the 2024 US Elections on the Crypto Market

It’s no secret that the 2024 US presidential election had a big impact on the crypto market. Many people believe that Donald Trump’s win will shape the future of the industry. A recent report from Cointelegraph Research, done by HTX Ventures, dives into the factors influencing Bitcoin and other cryptocurrencies in relation to the election.

This year, cryptocurrencies became a hot topic. With the US facing economic challenges, such as a growing federal budget deficit and increasing debt, people are turning to assets like Bitcoin to hedge against inflation. This decentralized and scarce asset is seen as a strategic tool in uncertain economic times.

Stablecoins have also been gaining popularity, with some even holding more US Treasury securities than entire countries like Germany. This shows how stablecoins have become a crucial part of the US financial system, providing additional liquidity and support for the economy.

Interest in cryptocurrencies among voters is on the rise. A national survey found that more than half of voters would be more likely to support a candidate who understands crypto. Swing states like Pennsylvania and Wisconsin have seen a surge in interest in cryptocurrency since the last election.

During his campaign, Trump expressed support for the digital asset industry, calling for the US to become the “crypto capital of the planet.” He made promises to protect Bitcoin mining and self-custody rights and criticized the Securities and Exchange Commission’s approach to crypto. While these promises may take time to implement, they have already made an impact on the crypto market.

The election also had implications for prediction markets and decentralized finance (DeFi). Companies like Polymarket saw a surge in volume from wagers on the election, while DeFi projects like BTCFi may have an easier time entering the mainstream market under a Trump administration.

Overall, the 2024 US election has set the stage for some exciting developments in the crypto world. Companies are gearing up to go public, regulatory environments may become more favorable, and innovation is thriving. It’ll be interesting to see how these changes unfold in the years to come.