Bitcoin (BTC0.00%) remains just shy of its all-time high, potentially biding its time for the election results. Speculation about who will become the 47th president of the United States—Donald Trump or Kamala Harris—has created an atmosphere of fear, uncertainty, and doubt within the crypto community. A lot of polls indicate a close race between the two candidates.
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Earlier this week, the leading cryptocurrency peaked at $73,562, just below 1% of its record high of $73,737, which it reached in March. However, since then, Bitcoin has slipped, falling to the $70,000 mark. Currently, Bitcoin’s price appears largely stagnant, as it seems to await the election results with bated breath.
Many are already speculating on how Bitcoin might respond to a potential victory by either Trump or Harris. Debates are emerging over which outcome would be more favorable for the cryptocurrency in the long run.
What will happen to Bitcoin if Trump wins versus Harris?
There’s little doubt that Bitcoin will soar if Trump wins. The former President positioned himself as a “crypto candidate,” actively embracing digital assets as part of his campaign. He even started accepting campaign donations in various cryptocurrencies, including Bitcoin, Ether (ETH+0.84%), Dogecoin, and Solana (SOL+2.88%), among others.
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Of course, not all crypto enthusiasts are Trump supporters, but many welcome his recent pro-crypto stance. For instance, at a Bitcoin conference, Trump promised to fire SEC Chair Gary Gensler on his first day in office — a move that resonates strongly with crypto advocates, as Gensler’s policies have often been unpopular in the cryptosphere. Trump further promised to establish a national Bitcoin reserve, an ambitious goal that has captivated many in the crypto community.
On the other hand, Vice President Harris, who had previously been cautious about discussing cryptocurrencies, recently began to address the topic more openly. She has called for stronger regulatory oversight of the crypto market, emphasizing the need for clear rules to ensure consumer protection and financial stability.
Given Kamala Harris’s late and lukewarm response to Bitcoin, many anticipate an immediate dip in leading cryptocurrency’s price if she wins, followed by a possible rebound later.
Other major cryptocurrencies are also flat
Bitcoin’s reluctance is affecting the entire crypto market, leaving major cryptocurrencies seeming hesitant to make significant moves in either direction. Ether (ETH), the second-largest cryptocurrency by market capitalization, is currently trading at $2,500, reflecting a slight dip of 0.6% over the past 24 hours. Additionally, popular memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIBA), known for their volatility, remained stable on Friday, with minor declines of 0.7% and 1%, respectively.
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Fake wallet apps ask for your 12-word phrase and quietly drain your crypto funds
CRIL found over 20 Play Store apps built solely to steal users’ crypto credentials
Malicious apps used WebView to fake real login pages from PancakeSwap and others
New research by Cyble Research and Intelligence Labs (CRIL) has uncovered a large-scale phishing campaign involving more than 20 Android applications listed on the Google Play Store.
These apps, which appeared to be legitimate cryptocurrency wallet tools, were created with a singular purpose: stealing users’ mnemonic phrases, the crucial 12-word keys that provide full access to crypto wallets.
Former US President Donald Trump has disclosed nearly $60 million in income from his involvement in a cryptocurrency venture, shedding light on how he and his family continue to benefit from the digital asset industry. The Financial Times reported on Friday that Trump’s annual financial disclosure reveals $57.4 million earned through World Liberty Financial (WLF), a cryptocurrency enterprise backed by Trump alongside his sons Donald Jr. and Eric.
The detailed filing, exceeding 200 pages and published by the US Office of Government Ethics, shows Trump holds 15.75 billion governance tokens in WLF, granting him substantial voting rights in the operation. The cryptocurrency venture stands as one of Trump’s largest income sources, alongside revenues from books and real estate investments.
Trump’s financial ties to the crypto sector have drawn increasing scrutiny amid ongoing concerns about potential conflicts of interest. The White House did not immediately respond to requests for comment on the disclosures.
World Liberty Financial revealed in January that it had successfully sold 21 billion tokens during a public sale, reaching its target of raising $1 billion. Notably, a 2024 filing with the US Securities and Exchange Commission identified Trump’s special envoy, Steve Witkoff, as a “promoter” of the WLF project.
Trump’s vocal support for cryptocurrencies has helped drive market enthusiasm, pushing bitcoin prices above $100,000 per coin. Under SEC Chair Paul Atkins, several high-profile crypto-related legal cases have been dropped, further easing regulatory pressure on the industry.
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Additionally, Trump has actively promoted his own $TRUMP memecoin via social media and hosted a gala last month honoring its major holders. The Trump family media company recently announced plans to launch an exchange-traded fund (ETF) directly holding bitcoin and revealed intentions to raise $2.5 billion to establish a “bitcoin treasury.”
At a bitcoin conference in Las Vegas last May, Eric Trump and Donald Trump Jr. praised cryptocurrencies as “cheaper,” “faster,” “safer,” and “more transparent” than traditional fiat currencies, signaling the family’s continued commitment to expanding their digital asset footprint.
