US Election 2024 Triggers Crypto Market Shake-up: BlackRock Accumulates Bitcoin, SOL Hits 10x Growth and More

The 2024 U.S. presidential election between Republican Donald Trump and Democrat Kamala Harris has heightened volatility across global markets, with crypto at the center.

The 2024 U.S. presidential election is heating up and promising to be one of the most pivotal in recent history. As the candidates and their policies come under intense scrutiny, the crypto market is also likely to experience heightened volatility. Both Republican Donald Trump and Democrat Kamala Harris have expressed varying degrees of support for crypto-related initiatives, setting the stage for potential shifts in the regulatory landscape.

Throughout his campaign, Trump has made several statements that directly appeal to crypto enthusiasts. At Bitcoin 2024 in Nashville, he outlined his pro-crypto stance, promising to establish a national Bitcoin reserve and a presidential council dedicated to crypto regulation.

Moreover, Trump has pledged to replace the current SEC leadership with individuals who are more supportive of crypto. In an interesting development, Trump's sons recently launched a crypto exchange called World Liberty Financial, further emphasizing the family's involvement in digital assets.

On the other hand, Kamala Harris has also shown interest in digital asset innovation, particularly in the realm of consumer-focused regulation. During an event in September, she expressed her support for advancing technologies like AI and blockchain, promising to protect investors while fostering innovation.

Harris's campaign has actively engaged with crypto industry leaders to discuss the role of blockchain, underscoring her commitment to balanced, consumer-centric regulation. However, her stance appears less aggressive than Trump's in terms of implementation, suggesting a more gradual approach to integrating the crypto industry.

As Election Day approaches, key players in the crypto market are already making their moves. Institutional interest in digital assets is growing, with BlackRock reportedly acquiring an additional $2.4 billion worth of Bitcoin. This move aligns with the perception of crypto as a potential hedge against political uncertainty.

Similarly, Semler has also invested $3 million in Bitcoin, considering its perceived stability during volatile times. Among specific tokens, Solana (SOL) has experienced remarkable growth, with its monthly active address count reportedly increasing tenfold year-over-year.

This growth is partially attributed to the popularity of meme coins and payment applications built on the Solana network, indicating a broadening user base for the SOL token.

As we zoom in on specific tokens, memecoins are having a field day on the eve of the election. Among them, $MAGA, inspired by Trump's campaign, saw a steep 50% decline in the weeks leading up to the election, likely due to speculative trading tied to Trump's prospects.

Meanwhile, $DOGE continues to benefit from its association with Elon Musk, who has openly voiced his support for Trump. On the other hand, $TROY, gaining traction through a meme and AI narrative, aims to bring mainstream applications to its ecosystem, contributing to its steady rise.

These tokens showcase the varying impacts of political sentiment and hype cycles on individual crypto assets.

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Read also: Dogecoin (DOGE) Could Spike to $1 If Trump Wins the Election: Here’s Why

Beyond the candidates' statements and institutional activities, broader crypto developments continue to unfold across projects and states.

OpenSea, a popular NFT marketplace, is preparing to launch a new version in December, sparking speculation about its potential influence on the NFT sector.

Moreover, Michigan has become the first U.S. state to have its pension fund invest in Ethereum, specifically purchasing shares of Grayscale's Ethereum Trust.

Furthermore, Mantle's ecosystem is expanding through new yield opportunities, pushing its TVL to record levels.

Additionally, Euler Finance has recently relaunched with new features following a hack in 2023, offering incentives to users on its upgraded platform.

As a final pulse on the market, the Fear and Greed Index slid from 77 to 70, indicating a slight cooling in market sentiment. However, crypto assets are still on edge during this pivotal election period.

While altcoins have generally lagged behind, institutional interest in Bitcoin remains strong, signaling potential long-term growth for key players regardless of the election outcome.

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