The 2018 midterm election strengthens the cryptocurrency market by securing seats for cryptocurrency enthusiasts politicians.
Multifarious politicians who adopted cryptocurrencies and blockchain technology found their way to public offices. The cryptocurrency market seems to become stable with Bitcoin trading that settled in the $6,500 zone while altcoins such as Bitcoin Cash and Ripple trade side by side. This favorable event comes after 2018 historic midterm election in the US where people mostly elected politicians that are pro-cryptocurrency and pro-blockchain.
Ripple (XRP) has a current trading that is up by 20% rebounding from $0.446 of its weekly lows. From Nov. 5-6, it distinctly rises from $0.464 to $0.557, respectively. Since then, the price stabilized at $0.53 in the cryptocurrency market.
Bitcoin Cash (BCH), on the other hand, traded almost to 50% at $620 from $420 weekly lows. Its huge increase that initially started on Nov. 2 is an outcome of a forthcoming hard fork development slated to transpire on the second week of November.
Bitcoin dropped in the latter part of Q3 after it reached $7,400 then declining sharply to just $6,200, a not good deficit of $1,200. From then on, Bitcoin rebounded between the said range. BTC is still exchanging in the middle of the long-established exchange parameter that was already confirmed on various incidents to be within $6,200 and $6,700.
The victory of cryptocurrency and blockchain enthusiasts politicians are expected to establish a strong and stable cryptocurrency market. Even before the 2018 midterm election, bipartisan receives cryptocurrency as a form of a campaign donation. Democrat and Republican officials partner in terms of cryptocurrency.
Rep. Jared Polis, a Democrat, was elected as Colorado governor. Even before as a Congress representative, he already declared his enthusiasm in cryptocurrencies and will defend Bitcoin. He would be the state’s first openly gay politician to become elected governor beating Republican Walker Stapleton and will succeed outgoing Democrat Gov. John Hickenlooper’s office.
Polis pioneered the Congressional Blockchain Congress with Republican Rep. Mick Mulvaney together having two Democrats and two Republicans as co-chairmen. Rep. Mulvaney is the Acting Director of the Consumer Financial Protection Bureau as well as the current Director of the Office of Management and Budget.
Also known as the Congressional Blockchain Caucus, the Congressional Blockchain Congress was inaugurated in the 114th Congress. It involves a bipartisan group of Members of Congress and Staff who perceive that Congress will play a major role in the blockchain technology’s future in the coming decades.
They appealed to the Security and Exchange Commission as well as other primary lawmaking bodies to establish straightforward measures for cryptocurrency to bolster its uptick in the US. Likewise, he is working toward a tax exemption for cryptocurrency purchases.
He said he would make Colorado a national center for blockchain modernization, find out how blockchain can promote honest governance, advance the state’s energy productivity, boost cybersecurity, and develop a crypto-friendly atmosphere.
Another elected Democrat governor, Gavin Newsom was among the primary politicians to obtain Bitcoin campaign donation in 2014 and likewise supports the succession of technology. He openly advocated for Bitcoin and other cryptocurrencies together with the blockchain technology as included in his platform. Newsom will replace former Gov. Jerry Brown as the next governor of California.
It looks like that the next generation of lawmakers will be the ambassadors of cryptocurrency.