Month: November 2024

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Crypto has not been a major issue through this election cycle, though Trump, the Republican candidate for president for a third election in a row, did a great deal of outreach to the crypto industry, by speaking at a bitcoin conference, handing out burgers at a crypto bar and otherwise making statements appealing to the industry, including promising to fire Securities and Exchange Commission Chair Gary Gensler. Harris, the Democratic candidate, has on a handful of occasions shared some general comments about supporting the industry but did not delve deeply into her views.

Bitcoin (BTC) surged to $70,500 earlier during the day from around $67,000, then shed 2% in an hour to briefly drop below $69,000. It was trading at $69,000 at press time, still up more than 2% over the past 24 hours.. The broad-market CoinDesk 20 Index booked 3% gain during the same period, led by native tokens of Near (NEAR), Aptos (APT) and Hedera (HBAR) advancing 6%-7%.

With a16z’s fresh contribution, Fairshake and its affiliated PACs – the Democrat-oriented Protect Progress and the Republican-oriented Defend American Jobs – now have $78 million in their coffers for the 2026 midterm elections. Crypto exchange Coinbase committed $25 million to Fairshake last week, and, according to a Fairshake spokesperson, the group has “$30 million in the bank.”

In May, Biden ordered the bitcoin mining facility near Warren Air Force Base to stop operations, citing a threat to national security as it uses foreign-sourced technology. MineOne, which the government noted acquired the property as a business majority-owned by Chinese nationals, set up shop within a mile of the military facility in Cheyenne, which houses Minuteman III intercontinental ballistic missiles (ICBMs).

Bitcoin pared some of its losses, returning to $70,000 during the European morning after falling as low as $68,800. Still, BTC remained about 3% lower in the last 24 hours. Altcoins suffered greater losses, with the CoinDesk 20 Index’s measurement of the broader crypto market down over 3.5%. Explanations for the slide range from profit-taking following the rally earlier in the week to a dip in Donald Trump’s election victory odds on Polymarket. Traders have also been looking at tech earnings, tensions between Iran and Israel and a sharp rise in U.K. gilt yields following the roll-out of the government budget earlier this week, Quinn Thompson, founder of crypto hedge fund Lekker Capital, told CoinDesk.