- Industry experts weigh in on the state of crypto post-election.
- The total crypto market cap increased by 1.5% over the past day.
“Uptober” has kept its promises, now it’s time for “Moonvember”. In just eight days, Bitcoin (BTC) and the broader cryptocurrency market have seen massive gains, driven by post-election momentum.
Following Donald Trump’s victory in the US elections, Bitcoin reached an ATH of over $76,000. Meanwhile, other major cryptocurrencies have mirrored its bullish trajectory.
But how Victory of the Republican Party in the American elections trigger this rise, and what awaits us?
America’s Road to Innovation
Matthew Sigel, Head of Digital Asset Research at VanEck, shared his insights with Nate Geraci on the latest episode from CryptoPrimePod.
He highlighted the GOP victory as a potential pivot toward a more crypto-friendly regulatory landscape. Sigel remarked:
“It’s sad for America to lose its lead in innovation, so I think that will change.”
The executive criticized the SEC’s unfairness in penalizing individuals under unclear rules, calling for an end to proactive prosecutions and a focus on credible fraud investigations. He also cited Gary Gensler’s failure to adhere to the traditional rule-making process as a significant problem.
Sigel called for reforms to modernize financial regulation. These include updating outdated transaction thresholds to reflect inflation and reducing regulatory overreach.
Reasons for refusing regulation
Sigel noted that the Democratic administration’s March 2022 executive order pushed federal agencies to prioritize enforcement over innovation. This has led to increased scrutiny.
Thus, the rapid formation of capital within crypto, where a meme can become money, has posed a challenge to maintaining economic control and micromanagement, the executive explained.
Furthermore, Sigel highlighted that crypto disrupts the status quo, challenging traditional financial intermediaries and the dominance of fiat currency, stating:
“Bitcoin may be the biggest threat to the dollar.”
A new era of post-election crypto?
Meanwhile, Haseeb Qureshi, managing partner at Dragonfly, highlighted the broad implications of the election outcome. In a interview with Scott Melker, he said,
“The doors have opened and they will remain open to crypto for the foreseeable future.”
The executive predicted that Republican support would likely fuel a pro-crypto movement in the United States.
Qureshi also highlighted a significant shift in political alignment, highlighting renewed bipartisan support for digital assets.
Despite this optimism, he stressed that the scale and pace of regulatory change remains uncertain, as agency direction and key legislative outcomes are still pending.
Retail Set to Trigger an Altcoin Wave
Qureshi also predicted an upcoming resurgence in retail. Although institutional investments have primarily contributed to Bitcoin’s success, he sees a retail-driven altcoin rally on the horizon.
Despite an uptick in retailer participation in March, the executive noted, a full cycle of retailer-fueled liquidity has yet to unfold. He predicts that if retail investors re-engage, it could fuel an explosive altcoin rally.
As November unfolds, the crypto market is closely watching whether Moonvember will bring unprecedented growth and solidify a new era of trust.
