Kamala Harris wants the US to ‘remain dominant’ in blockchain. Solana may hit $330 and reach 50% of ETH market cap

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We’ve brought some interesting crypto news and events that occurred this week. Let’s explore them today in the weekly digest by GoodCrypto. If you’d like to stay updated on the crypto market, follow us on Twitter.

quick weekly news

Kamala Harris wants the US to ‘remain dominant’ in blockchain

Adding some updates to the news we covered in the previous digest, where some crypto lawyers suggested that Kamala Harris would continue the Biden administration’s policy regarding the crypto “Choke Point.” Finally, Kamala Harris has made several statements about the blockchain space in the United States, and they seem to be positive for the industry!

According to a post by CoinTelegraph, the Democratic presidential nominee publicly stated her desire for the United States to “remain dominant” in blockchain, artificial intelligence, and other emerging technology industries, during her visit to The Economic Club of Pittsburgh on the evening of September 25th. This is already her second statement regarding the potential cryptocurrency policy of her administration, following her first on September 22nd, where she expressed interest in investing in “AI and digital assets.”

Source: Harris’ economic plan

Her speech was further supported by the release of her new 82-page economic plan, which also mentions “encouraging innovative technologies like AI and digital assets while protecting consumers and investors.”

Notably, a few times before these statements, VanEck analysts suggested that a Harris win could be better for Bitcoin than a Trump return to the White House, as she may “accelerate many of the structural issues that drive Bitcoin adoption in the first place.” However, they also noted that a Trump presidency would be a “generally bullish” outcome for crypto, suggesting that both candidates may be more favorable to crypto than the Biden administration.

Terror victims claim DOJ withholding share of $4.3B Binance penalty

On September 25, 2024, at least four victims or their family members of state-sponsored terrorism sued the Department of Justice in Washington, D.C., claiming that the court withheld or delayed deposits from Binance’s November settlement into the Victims of State-Sponsored Terrorism Fund.

The suit also states that, according to the Victims of State-Sponsored Terrorism Act, 100% of criminal and 75% of civil proceeds from cases like Binance’s should be deposited into the fund, which is designed to compensate victims of state-sponsored terrorism. The DOJ has already deposited over $898.6M into the fund and “has asserted that it intends to direct at least $1.5 billion” more. However, the lawsuit seeks to ensure that all qualifying proceeds from Binance are deposited into the fund.

The plaintiffs have also named the Commodity Futures Trading Commission, Attorney General Merrick Garland, the Treasury Department along with its agencies, the Financial Crimes Enforcement Network, and the Office of Foreign Assets Control as defendants.

Solana may hit $330 and reach 50% of ETH market cap

On Sep. 25, VanEck released its new report, in which it estimated that Solana might reach $330 and balloon to 50% of Ethereum’s current market cap. This prediction is based on the significant potential of Solana’s blockchain technology, which offers superior speed and transaction processing metrics.

According to the company’s report, Solana has a 3000% higher TPS, a 1,300% higher daily active user count, and transaction fees that are nearly 5 million percent cheaper compared to Ethereum L1, giving Solana a significant advantage over Ethereum for payments. Using the Solana blockchain as an alternative could be more attractive for stablecoins, which are considered the main driver of on-chain technology. VanEck added that retail investors are slowly waking up to Solana’s potential, but institutional investors have yet to realize it.

It is worth noting the poor performance of Ethereum over the past few months. For instance, the $SOL/$ETH ratio is near its peak at 0.061 and has stayed in the range of 0.045 to 0.061 for almost three months, since July 2024.

Source: TradingView

Such poor performance of Ethereum has also been explained by VanEck analysts, who describe Ethereum L2 networks as the main extractor of value from Ethereum. The problem worsened with the release of the Dencun upgrade in March 2024, which significantly decreased fees for L2s and subsequently incentivized users to migrate to Ethereum L2 networks rather than utilize the L1 mainnet. This led to a massive reduction in Ethereum’s transaction fees.

Binance continues to serve Russian users despite 2023 exit

An anonymous spokesperson working at Binance recently confirmed in an interview with CoinTelegraph that Binance is still working with a limited number of clients from Russia. He emphasized that the crypto exchange officially “adheres to global sanction regulations” and “fully complies with restrictions on individuals, entities, and countries subject to international sanctions.”

Notably, although Binance claimed to have terminated its Russian business last year, the Russian community has remained active on social media following the announcement of its exit. Additionally, Binance’s Russian-language news channel on Telegram currently has around 130,000 subscribers and continues to share updates about new token listings on Binance Launchpool, even though they can no longer officially trade on the platform.

To recall, on Sept. 27, 2023, Binance confirmed its full exit from the Russian market, stating that operating there is not compatible with Binance’s compliance strategy, and sold its local operations to a new exchange called CommEx. However, a few months later, in April 2023, CommEx announced the shutdown of its operations.

exploring the day-trading strategies

Day-trading is a style of short-term speculation that doesn’t exceed 24 hours. Daytraders usually enter and close trades within the same day (that’s where the name comes from) and don’t leave any trades open overnight. Here are some undervalued day-trading strategies:

1️⃣ Moving Averages (MA) Trading:

Use the 200, 12, and 26-period EMAs to generate trade signals. The 200-period EMA can help you spot the market trend, while the 12-period and 26-period EMA crossovers will provide signals. If the 12-period EMA is below the 26-period EMA, it’s a bearish signal. Conversely, if the 12-period EMA crosses above the 26-period EMA, it’s a bullish signal.

2️⃣ Confluence of RSI and MACD:

Implement RSI and MACD indicators to spot potential buy and sell signals. Make sure they don’t contradict each other; otherwise, it’s likely to be a false trade signal. For example, if MACD indicates a bullish signal and the price action is not overbought (RSI is below 70), it is considered a bullish signal. On the other hand, if the RSI is above 70, indicating overbought conditions, and MACD shows a buy signal, it means the indicators are conflicting, so it’s better not to enter the trade.

Want to find out more day trading strategies? Explore our ultimate “Day-Trading Cryptocurrency” article! 📈

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