Bitcoin is facing a fresh dilemma associated with the upcoming US election in November. The asset may see further price retracement in the coming days.

YouHodler analyst Ruslan Lienkha suggests that if Harris’s chances of winning against her pro-crypto rival, Donald Trump, increase, bitcoin’s price could suffer.

Moreover, Lienkha highlights the growing concern among cryptocurrency investors stemming from Harris’s strengthened odds on multiple online prediction markets. He believes a Harris administration could implement stricter cryptocurrency regulations, leading to a bearish outlook for Bitcoin.

“If investors believe a Democratic administration might impose stricter cryptocurrency regulations, bitcoin’s price could suffer,” Lienkha stated. “Harris’s momentum in crucial swing states could intensify these concerns.”

Furthermore, he predicts that a Harris win would likely result in continued pressure from the U.S. Securities and Exchange Commission (SEC). “With a Harris win and no major shifts expected in the regulatory landscape, the SEC will likely attempt to apply the existing traditional finance framework to the crypto market,” Lienkha added.

Bitcoin May Surge Under Trump

Conversely, a Trump victory could have a drastically different impact on the cryptocurrency landscape. QCP Capital analysts suggest that a Trump win could pave the way for discussions regarding a sovereign Bitcoin reserve, potentially inspiring other nations to follow suit.

Notably, “The establishment of a U.S. or sovereign ‘put’ on bitcoin prices may have significant implications, potentially making accumulation on dips a strategic investment approach,” QCP Capital analysts noted.

While the outcome of the elections remains uncertain, the potential implications for Bitcoin and the cryptocurrency industry as a whole are undeniable. The crypto community will closely watch the polls and analyze the potential policy shifts resulting from the election’s outcome.

Trump Says ‘I Will Appoint a New SEC Chairman’

During the Bitcoin 2024 conference in Nashville on July 27th, Republican presidential nominee Donald Trump made a significant statement regarding the Securities and Exchange Commission (SEC) and its regulation of the cryptocurrency industry. He pledged to replace current SEC Chairman Gary Gensler with a new leader on his first day in office if re-elected.

Trump explicitly stated that he intends to end what he perceives as “persecution” and “weaponization” against the crypto industry. He declared his commitment to appointing a new SEC chairman who will foster an environment conducive to innovation and growth within the sector.

Trump’s proposed approach suggests a shift in the regulatory landscape, with the establishment of a “Bitcoin and crypto presidential advisory council” taking over the role of the SEC chairman in shaping crypto-related policies. This shift, in Trump’s view, would create a more favorable regulatory environment for cryptocurrency businesses and investors.