Once again, on this ‘Feel Good Friday,’ we must ask ourselves: Why is crypto up today?
Why isn’t it up every day? We did get the Fed rate cuts after all. We got a Kamala Harris and Trump endorsement for the blockchain industry.
Are we on the moon yet? No? No!
Despite a boring mellow week for price action (outside of Sui), there is plenty to celebrate—so light yourself some incense, pour yourself a Guinness, kick your feet up, and let’s get into it.
Why is Crypto Up Today: Both Presidential Candidates Endorse Crypto
The highlight of this week was Kamala Harris’s declaration of being a “strong” supporter of the blockchain industry.
We use quotes because a report also came out that Democrats under Joe Biden pushed for Operation Chokepoint 2.0 to kill cryptocurrency, but you can read more about that here.
$HARRIS just blasted through 10m MC after Kamala announced, that she will support Crypto.@KamalaHarrisERC pic.twitter.com/uWkLnI0L7m
— Icecream Leif 🍦 (@IcecreamLeif) September 24, 2024
Thanks to the Harris campaign, she has gone from a failed presidential candidate, an unpopular Vice President that was seen as less favorable to Dick Cheney after he shot someone in the face (yeah, look that one up), to “the most-likely president of the US if the elections were held today” according to Polymarket.
In a recent pledge to New York’s financial power players and reiterated in a rally held in Pittsburgh this week, Harris laid out a tech-forward economic vision, promising to ramp up investments in AI and crypto.
Crypto is in a win-win situation, no matter who the president is.
We still believe that Trump is a bigger supporter of crypto (and will likely pump the markets more), but it’s nice to know we don’t lose if Kamala wins. (Unless she’s lying)
Arthur Hayes Sells His Pendle Crypto Stash
Pendle crypto’s top supporter, Arthur Hayes, has just sold off a major stake in the coin he once hailed as the best real word asset (RWA) investment.
On Saturday, the BitMEX co-founder and Pendle advisor revealed that his family office, Maelstrom, is scaling back its PENDLE holdings, suggesting a new investment is on the horizon.
“Even after the reduction, it is still one of our largest positions. We still fully believe that PENDLE will be the leader in crypto interest rate derivatives. And we plan to profit off of their success.
We have reduced our position to fund a special situation. Those who monitor our wallets will get a glimpse as to what that is in the very near future.” – Arthur Hayes
At the time of writing, Pendle, the 114th-ranked cryptocurrency, is slowly climbing toward its all-time high, trading at $4.54. It’s up 25% this month.
We’re more see what you do rather than what you say people at 99Bitcoins.
So, while Hayes still supports Pendle, his recent sale raises some red flags. Maybe he just wanted money to buy more Guinness?
Hey, Listen! Shiba Inu News
Last but not least, on the meme side of things, $SHIB KNIGHT, a well-known voice in the Shiba Inu community, predicts the token is primed for a new all-time high. With a name like SHIB KNIGHT, how could he be biased?
He’s calling a surge that could push SHIB beyond its all-time high of $0.00008616. Much Wow. Oh wait, that’s the other one. Whether it’s luck or skill, Shiba Inu has surged by 11.48% since his call, climbing from $0.00001706 to $0.00001902.
Anywho, that’s all we have for this week’s ‘Feel Good Friday.’ Remember to eat your vegetables and brush twice daily.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.