Crypto prices experienced a boost on Friday, with U.S. Federal Reserve Chairman Jerome Powell confirming a monetary easing cycle next month and crypto-friendly RFK Jr. endorsing Donald Trump in the presidential campaign.
Bitcoin (BTC) rose by 5.6% over the past 24 hours after Kennedy’s announcement, trading at $63,800. Tokens like ether, Tezos (XTZ), and Solana (SOL) gained 5% or more.
The presidential race remains a 50/50 contest, but conventional thinking suggests the removal of Kennedy from the ballot will mostly benefit the GOP candidate.
Both Trump and Kennedy have promised a friendlier attitude towards bitcoin and crypto than the Biden administration, with Trump suggesting the U.S. create a bitcoin strategic reserve and the firing of SEC chief Gary Gensler. The Harris campaign has taken notice, with a senior adviser stating a supportive administration for the crypto industry’s growth.
Recently, the crypto community expressed its dissatisfaction with the US Democratic Party. The community is dissatisfied with the party’s lack of consideration for digital assets and blockchain technology, as seen in their 2024 platform. However, the Republican Party’s perceived apathy has led to increased support for the financial industry, widening the gap between the two parties.
