Crypto News Catchup: Election Impact, Mt. Gox Delay, and Eastern Europe’s Crypto Surge 

With the 2024 US presidential election nearing, crypto regulation is in focus. Trump’s pro-crypto stance contrasts with Harris’s balanced approach, both supporting Bitcoin’s growth potential. Analysts note that a Trump win could drive demand for Bitcoin and gold as economic hedges amid potential dollar weakness.
Mt. Gox has postponed the release of 162,000 BTC, easing market concerns, while October’s Bitcoin ETF inflows slowed after an initial surge. Technical indicators point to a potential Bitcoin rally toward $83K. Eastern Europe’s rise as a crypto powerhouse, led by DeFi activity, highlights the region’s growing influence in the market.

The defunct crypto exchange Mt. Gox, which went bankrupt in 2014 after losing 850,000 BTC to theft, won’t immediately sell its Bitcoin holdings to repay creditors. Instead, the exchange trustees are preparing for distribution later this year, with no imminent plans to release the 162,106 BTC currently held in trust. Analysts warn that if these funds were sold, it could impact the Bitcoin market significantly, given the limited active Bitcoin supply and many coins being dormant.

Bitcoin ETFs experienced a strong inflow streak, gathering nearly $3 billion over six days, but momentum slowed as October ended with a modest $31.3 million inflow. BlackRock’s iShares Bitcoin Trust led with $317 million in new deposits, though most other funds saw outflows. US-traded Bitcoin ETFs recently surpassed 1 million BTC in holdings, nearing the holdings of Bitcoin’s anonymous founder. Bitcoin remains just below its all-time high, trading below $70,000, as markets await key economic indicators and the upcoming US election.

After reaching a peak of $73,589.90 on October 29, Bitcoin experienced a correction characterized by a series of bearish candlesticks. However, it eventually found support above the 50-period Exponential Moving Average. Despite this pullback, Bitcoin remains on an upward trajectory, as indicated by the momentum oscillator and relative strength index (RSI), which are both showing readings above their key thresholds of 100 and 50. This further confirms the ongoing uptrend.
If favorable market conditions continue, Bitcoin’s next potential price targets are $73,589.90, $76,485.70, and $83,478.69.

Bitcoin’s path to $100,000 appears steady, regardless of the 2024 US presidential election outcome. Both candidates would likely bring attention to cryptocurrency regulation, with Trump favoring pro-crypto policies and Harris focusing on balanced consumer protections. Regardless, favorable regulatory trends and Bitcoin’s status as a hedge suggest strong growth potential for BTC, making the milestone achievable despite political shifts.

According to a report by Decrypt, JP Morgan analysts believe both Bitcoin and gold could benefit from a potential “debasement trade” driven by market uncertainty, dollar weakness, and the upcoming US election. A Trump victory could amplify demand for these assets, given his pro-crypto stance and potential for increased tariffs, making gold and Bitcoin attractive hedges against economic instability. With Bitcoin near its all-time high and gold recently hitting new peaks, both assets are poised to gain amid heightened geopolitical tensions and inflationary pressures.

A recent crypto adoption report highlights that Eastern Europe has become a key player in the global cryptocurrency market, ranking as the fourth-largest and contributing over 11% of total crypto value received. From July 2023 to June 2024, the region amassed over $499 billion in cryptocurrency transactions, with decentralized finance (DeFi) driving 33% of this value—totaling more than $165 billion. Despite the DeFi boom, centralized exchanges still lead in the region, capturing over $324 billion in transactions. Increased retail interest may further bolster Eastern Europe’s market position.

In conclusion, as the 2024 US presidential election approaches, cryptocurrency remains a focal point for investors and policymakers alike. Both candidates’ positions on crypto regulation could influence Bitcoin’s trajectory, but its growth potential appears strong regardless. The delay in Mt. Gox’s BTC distribution has helped stabilize market sentiment, while Bitcoin ETFs and technical indicators suggest sustained interest and potential upward movement. Eastern Europe’s emergence as a crypto powerhouse, driven by DeFi activity, underscores the global nature of the digital asset market. Overall, the cryptocurrency landscape is primed for continued evolution amid political, economic, and regional shifts.