Crypto Crafters

The US presidential elections are just around the corner, with the world’s largest economic force anticipated to choose between continuing with a similar path as the past four years or changing its course completely if they go with Republican candidate Donald Trump.

While the economic consequences will impact millions and millions of people, the crypto community is anticipating how it will affect bitcoin and altcoins.

Never Below $70K Again?

The popular crypto trader EllioTrades showcased a compelling chart earlier today. It indicates that the election week on all three previous occasions in the US during BTC’s existence actually marked a low for the asset that was never repeated again. Meaning, that its valuation has never gone below that level since the last week before the 2012, 2016, and 2020 elections.

Every US election week in Bitcoin’s history has been the lowest price it will ever be again

4 days left

Tick Tock

h/t @KrownCryptoCave pic.twitter.com/JNXSRqvMJ5

— EllioTrades (@elliotrades) November 2, 2024

The chart shows that bitcoin traded at around $12 in 2012, $720 in 2016, and $14,900 in 2020. The first two price tags seem unthinkable at the moment, but BTC actually went close to the last one during the 2022 bear market. Nevertheless, it bounced off at over $16,000 and has never looked back.

As such, if history is to repeat itself, the primary cryptocurrency might never go below $70,000 again. Recall that it jumped to $73,600 earlier this week, which was 0.1% away from a new all-time high, but failed there and has lost roughly four grand to its current price tag of $69,500.

Who Is Better for BTC?

There’s no obvious answer to this question, even though Donald Trump might have the lead. After all, his current stance is quite bullish as he uses BTC to pay for burgers, promised to let mining thrive in the States, vowed to fire SEC chair Gary Gensler, celebrated the 16th birthday of the white paper, and has even launched his own crypto project.

At the same time, the Democrats have had a seemingly harsh stance against the industry. Harris has only briefly mentioned it during her presidential campaign.

Consequently, Trump sounds like the more appropriate choice for crypto investors, at least on paper. However, let’s not forget that he used to be among the vocal haters in the past, calling BTC a scam. As such, sounding good on paper is not enough for most of the community because he still needs to follow through on his promises.

Coinbase CEO Brian Armstrong has called for the next US Securities and Exchange Commission (SEC) chair to address the agency’s perceived inconsistencies in its approach to digital assets.

Armstrong’s criticism stems from the securities regulator’s shifting stance throughout the years which has caused frustration within the community.

SEC’s Contradictions on Crypto

His tweet, which accompanied a compilation of conflicting SEC statements on the issue, argued that the new chair should “withdraw all frivolous cases and issue an apology to the American people.” Armstrong laid out several examples of the SEC’s evolving position.

In 2018, the SEC stated that a digital asset “all by itself is not a security.” However, in 2021, the regulator declared that a digital asset “embodi(es)” and “represents the investment contract.” This is followed by three contradictory statements in 2024 alone.

For instance, in February 2024, the SEC stated a digital asset is “just computer code.” Then, five days later, it said the digital asset “itself ‘represents the investment contract.’” Finally, eight months later, the SEC declared the digital asset “itself ‘is not’ the security.”

The agency has also been inconsistent in determining whether Bitcoin is considered a security. In 2023, it stated that “(T)he SEC has never claimed (Bitcoin) is a security.” However, in 2024, the agency asserted “Maybe ‘(T)here’s not an answer.’” Notably, just four days later, it took yet another stance, proclaiming “‘(T)hat’s not a security.’”

The Coinbase CEO’s demand for an apology and withdrawal of “frivolous cases” reflected a broader sentiment within the community, which has long accused the SEC of overreach and a lack of clarity in its regulatory approach. Armstrong believes that restoring trust in the agency is crucial, as the damage done to the country’s financial landscape cannot be easily undone.

Shift in Leadership with Election Looming

The comments come at a crucial moment, with the US presidential election just around the corner. The Democrats have developed a reputation for their hostility towards cryptocurrency, an approach that many fear could undermine the US dollar’s status as the world’s dominant global reserve asset. Throughout her presidential campaign, Kamala Harris has made very few remarks on crypto-related issues.

On the other hand, Donald Trump has managed to curry favor with the crypto community this year. Most recently, he pledged to terminate Gensler’s tenure on his first day if re-elected and vowed to appoint a chair who believes that America should “build the future, not block the future.”

Bitcoin’s price recovery took the asset to $71,500 yesterday, but the bears interfered at this point and pushed it south by around two grand.

The altcoins are relatively sluggish today, which is somewhat expected, aside from ADA, which has emerged as the top performer.

BTC Stopped at $71.5K

The start of the business week was quite promising for the primary cryptocurrency as it jumped above $70,000 on Tuesday and kept climbing that day to a multi-month high of $73,600. As such, it came just $150 away from breaking its March all-time high of $73,740.

However, it failed to do so while the community anticipated this to occur at any given time and started losing value gradually. The most substantial correction came on Friday morning when it dumped below $69,000, thus losing three grand within hours.

The bulls stepped up during the trading day, and bitcoin climbed to $71,500 after the weaker-than-expected US jobs report for October. Nevertheless, it failed once again at that point and now sits about two grand lower.

This means that its market capitalization has dropped back down to $1,375 trillion on CG, while its dominance over the alternative coins stands tall at above 56%.

ADA Defies the Odds

Most of the larger-cap alts have calmed today with minor moves. On the one hand, ETH, BNB, SOL, XRP, TRX, AVAX, and LINK have charted insignificant losses of up and around 1-2%, while on the other, DOGE, SHIB, and TON have gained similar percentages.

Cardano’s native token has emerged as the only substantial gainer from the larger-cap alts. ADA has soared by 6% and now trades well above $0.35.

Other gainers worth mentioning include RAY (14%), XMR (5%), and MEW (5%).

The total crypto market cap has remained relatively still on a daily scale, at just under $2.450 trillion on CG.

In the latest jobs report before the 2024 US presidential elections, the world’s largest economy outlined warning data.

The country added only 12,000 jobs in October, which is one-tenth of the expected 120,000 by economists.

The reports on the matter blamed the weak data for October on the two recent hurricanes that hit a few US states and the strike at Boeing.

Still, the figure of 12,000 is not only a lot less than expectations but also massively below the 223,000 jobs added in September, which was the best month this year since March. Moreover, the average number of jobs gained monthly in 2024 stood at approximately 200,000 before the October slump.

This report has a considerable meaning for the US as the country prepares for the upcoming presidential elections that will take place in just a few days, on November 5.

Republican candidate Donald Trump faced the Democrat and current Vice-President, Kamala Harris. According to Polymarket, Trump has a substantial lead over Harris, but most other general polling stations showcase a different outcome.

Bitcoin’s price reacted rather surprisingly to the unfavorable news for the US economy, by jumping above $70,000. Recall that the asset had tumbled from $72,000 to under $69,000 earlier today.

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