The recent rally in cryptocurrencies stretched into Monday, with many coins and tokens continuing to motor higher in price.
Among these gainers were members of the “big three,” in other words eternal market leader Bitcoin (CRYPTO: BTC), which as of late afternoon trading was up by nearly 6% over the past 24 hours. This performance was eclipsed by that of Ethereum (CRYPTO: ETH) and its 7% gain, not to mention meme crypto Dogecoin (CRYPTO: DOGE), with a rise of almost 8%.
A crypto ally on the Republican presidential ticket
A major impetus for the current rally is the latest Consumer Price Index (CPI) data published by the government’s Bureau of Labor Statistics. In a happy surprise, both headline and “core” CPI figures came in well under most economists’ projections, indicating that inflation could be in serious retreat. This bodes well for a Federal Reserve interest rate cut or several; lower rates are generally beneficial for assets considered high risk — like cryptos.
Yet the positive impact of the news on coins and tokens might have faded had it not been for the latest development in the U.S. political sphere on Monday. Republican presidential candidate Donald Trump tapped U.S. Sen. J.D. Vance of Ohio to be his running mate for the upcoming election.
A former venture capitalist, Vance is considered to be something of a crypto-friendly politician. Earlier this year, he drafted legislation on crypto regulation that was reportedly more lenient on the industry than proposed bills written by other lawmakers. In his successful 2022 campaign for Senate, he positioned himself as an ally of crypto developers and others involved in the business of digital coins and tokens.
As the freshly minted vice presidential candidate, Vance has not yet made any pronouncements about cryptocurrency policy or law (although, to be fair, Trump hasn’t exactly been vociferous on the subject). Regardless, if he ends up in the White House, it’s more than likely he’ll battle against what some would consider excessive regulation of the industry.
Possible platform inclusion
With the ascension of Vance — who only a few short years ago had not held elected office — crypto has a crucial ally rapidly moving up the political food chain. Of course, the Republican platform going into the election will be largely dependent on the desires and priorities of Donald Trump. The few pronouncements he’s made on the subject, though, indicate a Vance-like support of the industry.
Either way, it’s now important for all crypto investors to watch that space. They should keep a sharp eye on how Vance addresses the subject, and how frequently he mentions assets like Bitcoin, Ethereum, and Dogecoin. If he does so frequently, we can count on quite a favorable policy stance from the Republican ticket heading into November.
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Eric Volkman has positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.
Why Bitcoin and Other Major Cryptos Were Surging Today was originally published by The Motley Fool
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