The sharp rally in crypto markets on Oct. 14, partially catalyzed by Vice President Kamala Harris unveiled a “smart regulatory framework” for digital assets, reflects a deep well of investor enthusiasm, according to Bitwise CIO Matt Hougan.
Bitcoin (BTC) rose over 5% on Oct. 14, while Ethereum (ETH) surged over 7%. Additionally, spot Bitcoin exchange-traded funds (ETF) in the US captured $555 million in inflows, the highest daily inflow in four months.
The market response followed Harris’ announcement of a plan aimed at protecting Black Americans who own digital assets. Her remarks contributed to a $5 billion boost in Bitcoin’s market cap, even though they lacked detailed policy commitments.
Hougan emphasized that even a small nod to crypto is a significant moment for the industry and was enough to push markets higher. He added that the sentiment indicates that Bitcoin (BTC) is primed to target new all-time high prices around $80,000 well before the November elections.
Hougan wrote:
“[The] rally tells me people don’t want to be left behind if and when crypto takes off.”
Dry powder waiting for clarity
Hougan noted that while the Harris campaign’s policy statement lacked specifics, it indicated that the Vice President recognizes the importance of crypto to certain demographics and the broader financial landscape.
According to the Bitwise CIO:
“That’s good news. She knows crypto exists, it matters, and it isn’t going away. But it’s not the full-hearted embrace that crypto advocates have been hoping for.”
Hougan further speculated that the sharp price movement in response to Harris’ comments suggests there’s significant capital waiting to enter the market as soon as clear regulations are outlined.
He added that the rally could be a preview of the momentum Bitcoin will build once more favorable regulatory conditions emerge. Hougan said:
“There is a lot of dry powder on the sidelines. As soon as we get any whiff of clarity, I think we go higher fast.”
Bitcoin Market Data
At the time of press 10:29 pm UTC on Oct. 15, 2024, Bitcoin is ranked #1 by market cap and the price is up 0.81% over the past 24 hours. Bitcoin has a market capitalization of $1.31 trillion with a 24-hour trading volume of $49.13 billion. Learn more about Bitcoin ›
$66,370.80
0.81%
Crypto Market Summary
At the time of press 10:29 pm UTC on Oct. 15, 2024, the total crypto market is valued at at $2.29 trillion with a 24-hour volume of $108.92 billion. Bitcoin dominance is currently at 57.38%. Learn more about the crypto market ›
Mentioned in this article
Gino Matos
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
Assad Jafri
AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
Read the full article here