The sharp rally in the crypto markets on October 14, catalyzed in part by the Vice President Kamala Harris has unveiled a “smart regulatory framework” for digital assets, reflects a deep well of investor enthusiasm, according to Bitwise CIO Matt Hougan.
Bitcoin (BTC) rose more than 5% on October 14, while Ethereum (ETH) rose more than 7%. Additionally, spot Bitcoin exchange-traded funds (ETF) in the US generated $555 million in inflows, the highest daily inflows in four months.
The market reaction followed Harris’ announcement of a plan aimed at protecting Black Americans who own digital assets. Her comments helped boost Bitcoin’s market cap by $5 billion, despite lacking detailed policy commitments.
Hougan emphasized that even a small nod to crypto is a big moment for the sector and was enough to push markets higher. He added that sentiment indicates Bitcoin (BTC) is poised to reach new all-time highs of 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 awaits clarity
Hougan noted that while the Harris campaign’s policy statement did not provide details, 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, that it matters, and that it’s not going away. But it is not the full-throated embrace that crypto advocates have hoped for.”
Hougan further speculated that the sharp price moves in response to Harris’ comments indicate that there is significant capital waiting to enter the market once clear rules 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’s a lot of dry powder on the sidelines. Once we get a hint of clarity, I think we’ll move higher quickly.”
Bitcoin Market Data
At the time of printing 10:29 PM UTC on October 15, 2024Bitcoin is number 1 in terms of market capitalization and so is its price upwards 0.81% in the last 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%
Summary of the crypto market
At the time of printing 10:29 PM UTC on October 15, 2024the total crypto market is valued at € $2.29 trillion with a 24-hour volume of $108.92 billion. Bitcoin’s dominance currently stands at 57.38%. Learn more about the crypto market ›
Mentioned in this article
Gino Matos
Gino Matos is a law graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise focuses primarily on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
Assad Jafri
A passionate journalist since the 2011 Arab Spring in Yemen, AJ has honed his skills globally for more than a decade. Specialized in financial journalism, he now focuses on crypto reporting.