America Elects 219+ Pro-Crypto Lawmakers

• Coinbase’s Brian Armstrong discloses that more than 219 pro-crypto candidates have been elected to the US House and Senate. 
• Other reports estimate that Donald Trump leads the election by 51.2% while Kamala Harris trails with 47.4% vote. 

The US general election is finally here, and the much-expected crypto administration is reportedly taking shape as 219 pro-crypto candidates and counting have now been elected to the House of Parliament and Senate.

According to the results shared by Coinbase founder and CEO Brian Armstrong, 205 pro-crypto candidates were elected to the house against 99 anti-crypto candidates as of the time of his publication. On top of that, 14 pro-crypto candidates were elected to the Senate against the eight who are claimed to be anti-crypto candidates.

In his post, Armstrong disclosed that this development underscores the disproportionate care Americans have for crypto:

Tonight the crypto voter has spoken decisively – across party lines and in key races across the country. Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it. Thank you to everyone who stood with crypto today. We did it!

Meanwhile, Republican presidential candidate Donald Trump was also leading with 51.2% votes against 47.4% vote for the Democratic candidate Kamala Harris, according to data compiled by The Associated Press (AP). Reports disclose that each candidate needs at least 270 electoral votes to win the presidency. Based on the AP data, Trump had 267 electoral votes at press time while his close competitor had 224.

What Trump Win Means to the Crypto Industry, Bitcoin Reacts

Trump, who has shown strong interest in the crypto industry has declared on multiple occasions that he would make the US the crypto capital of the world. In addition, he pledged to “fire” US Securities and Exchange Commission (SEC) Chair Gary Gensler, promote Bitcoin mining in the country, create a strategic Bitcoin reserve, prevent the creation of Central Bank Digital Currency (CBDC), and ensure that the sentence of crypto advocate and founder of the infamous Silkroad marketplace Ross Ulbricht is commuted.

One notable occurrence in the broad market amid the ongoing US presidential election was the breakout of Bitcoin (BTC) above its multi-month high of $73.3k. In the last 24 hours, Bitcoin set a new all-time-high price at $75.3k after surging by more than 6%. Meanwhile, the asset had taken a marginal nosedive to find support at $73k at press time.

Within the period, Dogecoin (DOGE) also broke a key resistance level to hit $0.21 after surging by 16% in 24 hours.

According to CryptoQuant analyst CoinLupin, Bitcoin could hit $120k once its realized value (RV) remains constant. Per his observation, the MVRV indicator has gone beyond the 365-day average and positioned above the four-year average.

He also believes that 43%–77% is important for the MVRV ratio. At the time of his prediction, Bitcoin was trading at $68k.

This suggests that the upward trend remains intact, and generally, the cycle peak tends to occur when the MVRV reaches levels between 3 and 3.6…When applied to Bitcoin, this translates to a target of $95k to $120k.

Recommended for you: