The strong rally in crypto markets on October 14, partially catalyzed by the vice president Kamala Harris unveiled a “smart regulatory framework” for digital assets, reflects deep investor enthusiasm, according to Bitwise CIO Matt Hougan.
Bitcoin (BTC) rose over 5% on October 14, while Ethereum (ETH) surged over 7%. Additionally, spot Bitcoin exchange-traded funds (ETFs) in the United States saw $555 million in inflows, the highest daily inflow in four months.
The market response followed Harris’ announcement of a plan to protect Black Americans who own digital assets. His remarks contributed to a $5 billion increase in Bitcoin’s market capitalization, although they lacked detailed policy commitments.
Hougan pointed out that even a small nod in crypto is an important moment for the industry and is enough to push markets higher. He added that sentiment indicates that Bitcoin (BTC) is ready to aim for new all-time high prices around $80,000 well before the November election.
Hougan wrote:
“(The) rally tells me that people don’t want to be left behind if and when crypto takes off.”
Dry powder awaiting clarity
Hougan noted that while the Harris campaign’s policy statement lacked specifics, it indicated that the vice president recognized the importance of crypto to certain demographics and the broader financial landscape.
According to the CIO of Bitwise:
“This is good news. She knows that cryptography exists, that it is important, and that it is not going away. But it’s not the wholehearted embrace that crypto advocates were hoping for.
Hougan further speculated that the sharp price movement in response to Harris’ comments suggests that significant capital is waiting to enter the market as soon as clear regulations are set.
He added that the rally could be a preview of the momentum Bitcoin will create once once again favorable regulatory conditions emerge. Hougan said:
“There is a lot of dry powder on the sidelines. As soon as we see a burst of clarity, I think we ascend faster.
Bitcoin Market Data
At the time of going to press 10:29 p.m. UTC October 15, 2024Bitcoin is ranked #1 in terms of market capitalization and the price is up 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%
Crypto Market Summary
At the time of going to press 10:29 p.m. UTC October 15, 2024the total crypto market is valued at $2.29 trillion with a 24 hour volume of $108.92 billion. Bitcoin dominance is currently at 57.38%. Learn more about the cryptocurrency market ›
Mentioned in this article
Gino Matos
Gino Matos is a law school graduate and seasoned journalist with six years of experience in the crypto industry. His expertise mainly focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
Assad Jafri
AJ, a passionate journalist since the 2011 Arab Spring in Yemen, has honed his skills around the world for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
