Election Day 2024: Impact on Crypto Market
CoinAcademy is providing real-time coverage of the 2024 US presidential election, a crucial event that could reshape the regulation and future of the crypto market and digital assets as a whole.
First FBI Warnings on Deepfakes
November 5, 5:00 PM
The FBI has issued a warning about misleading videos circulating on X (formerly Twitter), using its logo to spread false election information. One video falsely claims that the FBI is recommending Americans to “vote remotely” due to elevated terrorist threats at polling stations, an allegation denied by the agency. Another video alleges that prison officials have manipulated the votes of inmates in certain states, a rumor also refuted by the FBI, which urges voters to remain vigilant against disinformation attempts.
Dixville Notch Kicks Off Voting
November 5, 3:30 PM
Like every year since 1960, the hamlet of Dixville Notch in New Hampshire has opened its polls at midnight, giving the symbolic start to the US election. The results came shortly after with a perfect tie: three votes for Kamala Harris and three for Donald Trump. This morning marked the gradual opening of polling stations across the East Coast, with the first results expected from midnight Paris time.
The Associated Press will begin announcing the winners of the various electoral races after the closing of each state’s polling stations. The last ones close in the Aleutian Islands in Alaska, around 8 am CET tomorrow morning.
Markets Predict Trump Victory, Despite Cramer
November 5, 1:30 PM
Jim Cramer, a well-known TV analyst in the crypto community for his missed predictions, believes that the current stock performance reflects growing confidence in a Kamala Harris victory. However, this forecast has sparked ironic skepticism among some investors due to the “Cramer inverse effect“, where the opposite of his predictions historically tends to come true. This particular dynamic is closely watched, especially as this year’s election places cryptocurrency at the center of political discussions, a first in US electoral history.
Bitcoin and Crypto Market: Increased Volatility Ahead
November 5, 11:30 AM
Bitfinex analysts point out that the presidential election could exacerbate the volatility of Bitcoin, currently below the $69,000 mark. The recent low volatility reflects cautious investors, but a surge in activity could lead to a price increase, especially if Donald Trump wins the presidency, seen as more favorable to cryptocurrencies. Despite this, some analysts believe that a Kamala Harris victory could also trigger a rally. Bitcoin reached $73,600 on October 29, approaching a new price record.
Final Campaign Events in Swing States
November 4, 10:00 PM
In the final hours leading up to the election, Kamala Harris and Donald Trump concluded their campaigns with rallies in swing states. Harris visited several cities in Pennsylvania, while Trump traveled to Michigan and North Carolina. The pressure is at its peak for both candidates in an uncertain outcome.
Bitcoin Volatility Rising as Election Approaches
November 4, 7:30 PM
Bitcoin experienced an 8% correction between October 29 and November 3, briefly reaching $67,446. While the long-term market structure remains bullish, traders anticipate increased volatility. Crypto ETFs continue to attract billions in anticipation of the election.
Risks of Delays and Prolonged Counting
November 4, 6:30 PM
Election officials warn of potential delays on Election Day. Some polling stations may open late or experience power outages, and queues may lengthen. Preliminary results will be available in the evening, but the full count will include mail-in and military votes, which could prolong the declaration of results in close races.
