The Tribune

By CHRIS ILLING

CCO @ ActivTrades Corp

Global stock markets enjoyed a roller coaster during the final two days of trading last week. On Thursday, the Nasdaq lost almost 2 percent, but experienced a 1 percent increase on Friday and the index closed once more above the 20,000 point mark. The release of new quarterly earnings, and mixed results from some large US technology giants, combined with lower-than-expected job numbers in the US to create higher-than-normal volatility in the western financial markets.

This see-saw effect is also being seen in the predictions for who will win the US presidential election. And the outcome of this election has a direct influence on the price of Bitcoin & Co. As never before in the history of the US, the crypto industry is using campaign donations to advance its cause. With more than $119m, it has spent more in this election campaign than any other industry.

This is suggested by figures from the transparency platform, open secrets. By comparison, the US company, Koch Industries, the number two on the influencer ranking, known for its massive financial influence, has so far only reached $28m.

According to Public Citizen, the SuperPAC ‘Fairshake’ alone, an organisation that is allowed to collect and distribute unlimited campaign donations, has so far collected around $200m in money or equivalent pledges. The money comes primarily from billionaires who have invested their funds in crypto and crypto ventures. They feel over-regulated and attacked by the Biden administration and, in particular, the Securities and Exchange Commission (SEC).

According to Public Citizen, around 53 percent of Fairshake’s $200m comes directly from companies that would benefit from a policy shift. The current US government is waging a “war on crypto”, complain industry representatives. The government, on the other hand, emphasises that its regulation only wants to protect investors from fraud and rip-offs.

The recent price losses in Bitcoin are reflecting the lesser chances of victory for Republican candidate, Donald Trump, in tomorrow’s US presidential election. The ex-president is considered crypto-friendly. The savvy investor will monitor the election results tomorrow.