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The US Midterm results have started to roll in. This is the moment that the entire crypto market has been watching closely — for it will decide the regulatory fate of the cryptocurrencies, which will directly impact today’s crypto prices.
Why is it important? Because crypto players have been a major driving force behind these elections. Industry players have leveraged their financial freedom to donate in these elections – attempting to draw favors. Many politicians listed on the ballot have strong views about crypto – and not all for the better.
Keeping these accounts in mind, how will the Midterm results affect crypto prices today?
Crypto Prices have Already been Impacted by the Latest Developments
Before we dive into what could happen to the cryptocurrency market, let us observe what has already happened.
After a short but intense, transparent, yet passive feud between CZ Binance and Sam Bankman-Fried, it has been finalized that FTX will now be under Binance’s control. It is an overtake that none could have foreseen a week ago. However, Twittersphere panicked when 22 billion FTX tokens were transferred to the Binance wallet in a single day.
According to CZ’s earlier claims, it was a post-risk management tactic.
Little did the crypto community know that the takeover was on the horizon, and this morning, it was finalized that Binance will buy FTX at an undisclosed amount.
The media publishers had a field day with this. The likes of Forbes claimed that this moment was the end for Sam Bankman-fried, a 30-year-old ex-FTX boss who was once hailed as the next JP Morgan.
However, the impact on the crypto market was much bigger. Not only did Bitcoin lose its long-held psychological support of $20k, but it has also dropped lower than its June 2022 lows. It resulted from FTT going into free fall and diving from $22 to $4.
The hourly candle charts for Bitcoin are forming a bearish pattern, with Bulls trying to push back unsuccessfully every hour. Every two attempts to trade in the green is followed by a lengthy red, And right now, the bulls have been trying hard to push Bitcoin’s value back to its $18k support. But the picture is continually looking grim.
That brings us to how the SBF and Binance feud plays into the US midterm elections.
We have one word for you – regulations.
Binance has always been an open proponent of financial freedom, for it understands the need for it. Sam Bankman-Fried is of the same mind. However, at the beginning of November, Cointelegraph wrote an interesting story that detailed Bankman-Fried’s regulation blueprint for crypto trading.
The blueprint details how DeFi front-end providers, website hosts, and marketers must come under the regulatory microscope and register like traditional financial brokerages.
The contention wasn’t about the need for regulations; it was about the blueprint singling out DeFi as the one that needs regulations while keeping eyes away from centralized organizations such as FTX.
It must also be added that when CZ decided to liquidate Binance’s FTT holdings, he also stated that they aren’t with those who try to lobby against the crypto community behind their backs.
It was an indirect attack on Sam Bankman-Fried, who, at the banking conference last month, spent a lot of time talking to lawmakers and regulators.
However, with the latest development, Bankman’s influence may wane. Another factor to take into account is that FTX’s collapse will have a negative impact on how cryptocurrency is looked at in Washington. Republican Representative Patrick McHenry and Senator Cynthia Lummis took this as a sign that the crypto industry needs clearer regulation.
Winners of Midterms Would Likely Dictate the Fate of Crypto
There are many candidates in the race that have either openly supported or stood against crypto.
Supporters include Jonathan Jackson. Son of Rev. Jesse Jackson, he openly supported cryptocurrencies during his campaigns – which says volumes about the crypto industry’s backing towards your candidacy.
The results are still coming in, and it seems from the charts that those who’re winning are likely not the proponents of crypto.
As we write this, the crypto prices are slumping closer to $17.5k. It is becoming highly likely that by the time the results are declared, Bitcoin will reach the proverbial bottom of this 2022.
All eyes are thus set on Thursday’s CPI Data, which has been forecasted to have an equally grim picture.
Presale Cryptos is the Only Safe Bets Right Now
Bitcoin’s recent downturn has once again revealed to us the volatility of the crypto market, and safe investments only exist in tokens currently undergoing the presale – like Dash 2 Trade.
Dash 2 Trade is an all-in-one crypto analytics platform pulling together the best tools for beginner and advanced traders. In addition to traditional market indicators, it also features social indicators and a Bespoke scoring system for presale token offerings.
Currently, in the third phase of the presale, Dash 2 Trade has raised more than $5.7 million. Right now, D2T is being sold at a discounted price of $0.0513. Those who want to become early movers should move in early before the token’s price increases and the profits to be made from this price appreciation in later stages decrease.
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