Crypto Markets Experience Significant Declines Amidst Growing Political Engagement
Crypto Markets Experience Significant Declines Amidst Growing Political Engagement
Major cryptocurrencies like Bitcoin and Ether are experiencing steep declines, with BTC breaking below its 200-day moving average and ETH crashing 30% with further downside risk. Simultaneously, the crypto industry is bolstering its political influence, as crypto PACs amass significant contributions to back candidates supporting favorable policies ahead of the US midterms.
Market Downturn for BTC and ETH
Bitcoin's price has seen a "record crash" below its 200-day simple moving average, indicating strong bear market momentum. Analysts anticipate a potential "mean reversion," but the immediate outlook remains negative. Ether has also suffered dramatically, leading "crypto losses" with a 30% crash. Technical and onchain indicators suggest Ether's price risks further decline, potentially reaching the $1,000-$1,400 range.
Crypto Industry Ramps Up Political Lobbying
In parallel with market volatility, the cryptocurrency industry is actively engaging in the political landscape. Crypto super PACs are reportedly securing "millions of dollars in contributions" to establish substantial war chests. These funds are intended to support political candidates who commit to advancing policies favorable to the crypto sector in Washington, ahead of the upcoming US midterm elections.