Kamala Harris Pushes for U.S. Blockchain Leadership, Impact on Bitcoin Price Debated

Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis…

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Last updated:

September 26, 2024 01:41 EDT

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Bitcoin price remains supported, as in a speech on September 25, Kamala Harris emphasized the need for the U.S. to lead in blockchain and other advanced technologies like artificial intelligence. She stressed that staying ahead of global competitors, especially China, requires investing in innovation and ensuring consumer protection.

While Harris has only recently discussed digital assets, her stance is sparking debates on how her presidency could impact Bitcoin (BTC) and broader crypto markets.

Kamala Harris Advocates for U.S. Leadership in Blockchain Technology

In a speech on September 25, Kamala Harris emphasized the importance of the United States becoming a global leader in blockchain, artificial intelligence, and other emerging technologies. She highlighted the need to protect consumers and invest in innovation to stay ahead of competitors like China.

While Harris has only recently spoken about digital assets, experts are divided on how her presidency might impact Bitcoin (BTC). Some predict Bitcoin could fall to $30,000, while others believe her leadership could accelerate its adoption.

On the other hand, if Trump wins, his pro-crypto stance could push Bitcoin toward $90,000.

Experts also suggest that rising national debt and budget deficits could create a favorable environment for Bitcoin, regardless of the election outcome.

• Harris advocates for U.S. leadership in blockchain and AI.

• Bitcoin predictions range from $30,000 to $90,000, depending on the election.

• National debt may further drive Bitcoin’s adoption.

Saudi Arabia Leads MENA in Cryptocurrency Growth for Second Year

For the second consecutive year, Saudi Arabia is leading cryptocurrency growth in the Middle East and North Africa (MENA), with a 154% market expansion, according to Chainalysis. This surge is largely driven by decentralized finance (DeFi) platforms and a young population—63% of Saudis are under 30—who are more open to adopting new financial technologies.

Qatar is quickly catching up, planning to introduce new digital asset legislation in 2024. The MENA region’s crypto market is dominated by large transactions, primarily handled by institutional and professional investors.

As cryptocurrency adoption increases in regions like Saudi Arabia, institutional investment and demand for Bitcoin (BTC) are expected to rise, potentially boosting BTC prices. The growing interest in decentralized systems further underscores this trend.

• Saudi crypto market grew by 154%, driven by DeFi and a young population.
• Qatar set to introduce digital asset regulations in 2024.
• Increased institutional investment may positively impact BTC prices.

PayPal Expands Crypto Services to U.S. Businesses; Impact on Bitcoin Price

PayPal is expanding its cryptocurrency services to U.S. corporate accounts, allowing businesses to buy, store, and sell digital currencies directly. This move responds to business owners’ demand for the same features available to retail users.

However, the service is currently unavailable in New York due to regulatory restrictions. U.S. merchants will also be able to transfer cryptocurrencies to third-party wallets.

Since launching crypto services for consumers in 2020, PayPal has introduced PayPal USD (PYUSD), a popular stablecoin. By extending these services to business accounts, PayPal is helping to further legitimize cryptocurrencies within the banking system.

This expanded access could increase demand for Bitcoin, potentially driving up prices as more businesses adopt digital currencies.

• PayPal allows U.S. businesses to buy, store, and sell crypto.
• Service is unavailable in New York due to regulations.
• Expanded business access may boost Bitcoin demand and prices.

Bitcoin Price Daily Outlook: September 26, 2024

Bitcoin (BTC/USD) trades near $63,470, reflecting a slight dip of 0.02%. On the 2-hour chart, Bitcoin is finding support from a rising trendline near the $63,000 level, increasing the chances of a bullish continuation.

Around this same area, BTC has also formed a double-bottom pattern, which traditionally signals a potential bullish reversal.

If the momentum holds, BTC could aim for the immediate resistance zone at $63,800, with further upside targets around $64,400 and $64,800.

Additionally, the 50-day Exponential Moving Average (EMA) is providing strong support around $63,350, reinforcing bullish sentiment.

A break below $63,350 could expose BTC to downside risks, with immediate support at $62,690 and $62,290.

Summary Points:

• A double-bottom pattern around $63,000 hints at a bullish reversal.
• Immediate resistance is at $63,800, with the next hurdle at $64,400.
• 50-EMA at $63,350 is critical support, keeping the bullish outlook intact.

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