Cryptocurrency Industry Hedges Its Bets

The involvement of entities within the cryptocurrency sector is no longer new in political races since there have been several instances when personalities

Multicoin Capital, a crypto-focused investment firm, has pledged up to $1 million to a super PAC called Sentinel Action Fund, which is supporting senatorial candidates who are seen as favorable to the cryptocurrency industry.

The pledge was announced on July 13 and will see Multicoin match 100% of the Solana (SOL) tokens generated during the group’s fundraising efforts, which will be facilitated by Gemini on July 14.

“We believe America needs to remain free for innovation, and the only way to ensure that happens is to get the right candidates into the Senate,” said Kyle Samani, Multicoin's managing partner.

Multicoin is remaining officially bipartisan in its support, but Sentinel appears to mirror its criteria in selecting its pro-crypto endorsements on the Republican side, according to a Coinbase report citing the statement of “a person familiar with the firm’s thinking.”

Senator Bill Hagerty (R-Tenn.), a senate banking committee member who has voiced support for crypto innovation, is among the candidates that Multicoin hopes to see win, according to Samani.

“We're excited to announce our support for Multicoin in their effort to support candidates who will champion crypto,” said Sentinel in a statement.

The involvement of entities within the cryptocurrency sector in political races is not new, with personalities like former FTX CEO Sam Bankman-Fried having pledged millions in donations to politicians in the past.

However, this year may see them having more influence in steering the results of the election, as several candidates who are seen as being pro-crypto are running for key positions.

Among them is former President Donald Trump, who has spoken favorably of crypto in the past and is hoping to secure the Republican nomination once again.

Bitcoin Price Today

Bitcoin (BTC) price بالا رفته است from a low of $53K at the beginning of July to a high of $71K on July 13.

The lowest point within that range came just a week ago, on July 7, when BTC dropped to a low of $53,144, as analyzed by Cointelegraph.

Analysts attributed the slumping prices to the massive selling pressure caused by the whale BTC transfers initiated by the US and German governments to crypto exchanges and unknown addresses, as reported by ourselves and others.

These were amplified by investors’ growing wariness as Mt. Gox has already started repaying its creditors.

Alternative.me's Crypto Fear & Greed Index displayed a 29 reading this Sunday, which perfectly encapsulated the crypto market’s current sentiment.

On a scale of 0 to 100, wherein the lowest number reflects “Extreme Fear” while the highest indicates a “Too Greedy” outlook, the current score exhibits a “Fear” sentiment.

However, the present dip presents investors with high risk appetite a good buying opportunity.

Moreover, narratives circulating regarding Trump’s more crypto-friendly stance this time around fuel optimism that his victory could signal the USA’s more favorable treatment of crypto and other digital assets if he secures the win this year.

The above is the detailed content of Cryptocurrency Industry Hedges Its Bets. For more information, please follow other related articles on the PHP Chinese website!