Biden

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/why-are-cryptocurrencies-gaining-traction" data-wpel-link="internal">Why Are Cryptocurrencies Gaining Traction?</a><br></p>
<p style="text-align: justify">In the past 24 hours, cryptocurrencies have entered an exciting new phase, with implications that will unfold over time. A comprehensive understanding of historical and current trends involving figures like Biden, Trump, and events leading up to November 5, 2024, is crucial for anticipating the expected <a href="https://finance.coin-turk.com/" rel="noopener nofollow" target="_blank" data-wpel-link="external">bull market</a> by early 2025.</p> 
<h2 id="what-led-to-biden-s-shift">What Led to Biden’s Shift?</h2> 
<p style="text-align: justify">One notable point is the negative premium for ETHE, which currently stands at around -11%, a significant recovery from last year’s -55%. Given this context, a softening stance from the Biden administration on cryptocurrency is noteworthy. Recent rumors of ETH ETF approval and the significant bipartisan support for the 2023 American Blockchain Utilization Act indicate a changing landscape. The Act, which passed the House with a 334-79 vote, aims to improve U.S. competitiveness in crypto and blockchain sectors.</p> 
<h2 id="will-biden-veto-the-sec-measure">Will Biden Veto the SEC Measure?</h2> 
<p style="text-align: justify">Another key development is the Democrats’ support for the Financial <a href="https://newslinker.co/" target="_blank" rel="noopener nofollow" data-wpel-link="external">Innovation and Technology</a> for the 21st Century Act (FIT21), which seeks to repeal the SEC’s controversial Staff Accounting Bulletin 121. The critical question remains whether Biden will veto this measure against the SEC. If Biden refrains from using his veto power, it could trigger a short-term boost in cryptocurrency prices.</p> 
<h2 id="user-usable-insights">User-Usable Insights</h2> 
<p style="text-align: justify">Concrete takeaways from these developments include:</p> 
<ul style="text-align: justify"> 
 <li>Potential ETH ETF approval could lead to significant net outflows and impact market dynamics.</li> 
 <li>The bipartisan Blockchain Utilization Act could enhance U.S. competitiveness in the crypto industry.</li> 
 <li>Democratic support for FIT21 signals continued legislative backing for crypto advancements.</li> 
 <li>Biden’s decision on the SEC measure is crucial for short-term price movements in the crypto market.</li> 
</ul> 
<p style="text-align: justify">The result of these legislative and administrative shifts will become clearer as the U.S. election approaches. Biden’s stance on crypto could evolve further, especially if pressured by Trump’s appeal to crypto-friendly voters. If Biden decides against vetoing SEC measures, it could catalyze significant crypto market activity, possibly pushing <a href="https://en.bitcoinhaber.net/bitcoin-struggles-to-ascend-despite-etf-approval" data-wpel-link="internal">Bitcoin</a> to six-figure levels by November 2024. The approval of ETFs and Biden’s veto decision will be pivotal in this unfolding narrative.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/why-are-cryptocurrencies-gaining-traction" data-wpel-link="internal">Why Are Cryptocurrencies Gaining Traction?</a></h5>

Why Are Cryptocurrencies Gaining Traction?

Table of Contents

BH NEWS

Other articles published on May 21, 2024

ETHBTC Ratio Skyrockets From Three-Year Low As Open Interest Records $14.68 Billion! What’s Next ...

Investors Pile Into Bitcoin: Over $1 Billion Inflows Fuel ETF Rally, Price Tops $71,000

How Centralized Is Cardano? Crypto Founder Has Answers And ADA Holders Will Not Like It

Venezuela Banned All Crypto Mining Activities To Prevent Grid Overload

Best Cryptocurrencies for Short-Term Investment This Summer

Ethereum Rises 20%, Futures Open Interest Hits Record $15B As ETF Approval Odds Jump To 75%

Join our free newsletter for daily crypto updates!