Bitcoin
Why Bitcoin and Other Major Cryptocurrencies Are Rising Today
The recent rally in cryptocurrencies continued into Monday, with many coins and tokens continuing to rise in price.
Among these winners were members of the “big three”, that is, the eternal market leaders Bitcoin (CRYPTO: BTC), which in late afternoon trading was up nearly 6% in the past 24 hours. That performance was eclipsed by that of Ethereum (CRYPTO: ETH) and its 7% gain, not to mention the meme cryptocurrency Dogecoin (CRYPTO: DOGE), up almost 8%.
A Crypto Ally on the Republican Presidential Ticket
A big boost for the current rally This is the latest Consumer Price Index (CPI) data released by the government’s Bureau of Labor Statistics. In a welcome surprise, both the headline and “core” CPI numbers came in well below most economists’ projections, indicating that inflation may be in serious retreat. This bodes well for a Federal Reserve rate cut or several; lower rates are generally beneficial for assets considered high risk—like cryptocurrencies.
However, the positive impact of the news on coins and tokens might have faded if not for the latest development in the US political sphere on Monday. Republican presidential candidate Donald Trump has chosen US Senator JD Vance of Ohio as his running mate for the upcoming election.
A former venture capitalist, Vance is considered a crypto-friendly politician. Earlier this year, he drafted legislation on cryptocurrency regulation that was reportedly more lenient on the industry than bills proposed by other lawmakers. In his successful 2022 Senate campaign, he positioned himself as an ally of cryptocurrency developers and others involved in the digital currency and token business.
As the newly-nominated vice presidential candidate, Vance has yet to make any pronouncements on cryptocurrency policy or law (though, to be fair, Trump hasn’t exactly been vociferous on the subject). Either way, if he ends up in the White House, it’s more than likely that he’ll fight against what some would consider overregulation of the industry.
Possible platform inclusion
With the rise of Vance — who only a few years ago had not held elected office — cryptocurrency has a crucial ally moving up the political food chain. Of course, the Republican platform going into the election will largely depend on Donald Trump’s desires and priorities. The few statements he has made on the subject, however, indicate a similar support for the industry as Vance.
Either way, it’s important for all crypto investors to keep an eye on this space now. They should keep an eye on how Vance approaches the topic and how often he mentions assets like Bitcoin, Ethereumand Dogecoin. If he does this regularly, we can expect the Republican ticket to have a very favorable political stance in November.
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Eric Volkman has positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.
Why Bitcoin and Other Major Cryptocurrencies Are Rising Today was originally published by The Motley Fool