After a sustained price decline in recent days, sentiment in the crypto market appears to be shifting as former President Donald Trump’s chances of winning the US election increase. This speculation comes after Vice President Kamala Harris is considering US SEC Chairman Gary Gensler as Treasury Secretary if she is elected president.
Crypto market is rising, why?
Following this report, the sentiment has turned bullish, resulting in top cryptocurrencies such as BNB (BNB), XRP (XRP), Toncoin (TON), and Tron (TRX) experiencing massive price increases. According to the data, there is a high possibility that crypto investors will not support her if Harris makes such a statement.
Additionally, VP Harris is also calling for raising the corporate tax rate to 28%, which would largely undo former President Trump’s 2017 signature move, which lowered the corporate tax rate from 35% to 21%, according to a Bloomberg financial expert. While this will also hurt voters and ultimately benefit Trump.
Trump promises Americans
On the other hand, Trump said in a recent conference that he would give Americans “huge tax cuts.” At the moment, inflation is still the biggest concern among voters in the United States, which is why Americans are increasingly looking towards Bitcoin and other crypto assets.
However, Trump gets nearly 90% of the vote from crypto owners. According to a recent report from Grayscale, an asset management firm, Trump has stated that he plans to “keep 100% of all Bitcoin currently owned by the U.S. government.”
Recent press reports suggest that Harris’ picks for chief advisor could signal a pro-crypto pivot. However, both candidates are yet to deliver concrete crypto policy plans.
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