Will BTC, ETH, BNB Reach New Highs After Vance Nomination?

Bitcoin is trading at almost $66,000 as Donald Trump’s comeback to the White House looks increasingly likely. Trump’s explicit support of cryptocurrencies and the rising odds of his victory are pushing Bitcoin near its all-time high.

Trump-Vance duo has strong support from the crypto industry

J.D. Vance will be Trump’s running mate for the 2024 US presidential election. The Republican senator from Ohio is also a Bitcoin investor. He has drafted pro-crypto legislation and reportedly holds Bitcoin worth up to $250,000.

Brian Morgenstern of Riot Platforms called the duo a “phenomenal ticket period” on X, adding that Trump and Vance are an “absolute dream come true for Bitcoin, Bitcoiners, and the broader crypto community.”

Spot ether ETFs might launch next week

Spot ether ETFs may or may not inspire a rally in ether prices the way spot BTC ETFs did for Bitcoin, but there is great optimism around their approval regardless. Eric Balchunas of Bloomberg posted on X that discussions between the US SEC and ether ETF issuers have come quite far, and the launch is expected next week.

The SEC has asked issuers to return final S1s by today, July 17. It will reportedly request effectiveness on July 22, and the funds could launch on Tuesday, July 23. Ether is up 13.2% in the last seven days.

Bullish and bearish outlooks on Binance Coin

The bullish outlook for BNB is driven by investors turning to it as a safe haven after selling other altcoin holdings or widespread buying by first-time holders. Increasing demand will boost Binance Coin’s price and market cap.

Developments such as reentering markets BNB previously left or attaining a higher market share would be considered positive fundamentals for the coin, which could pass $600 in 2024. According to CoinGecko, it’s currently trading for $580, down 19% from its all-time high of $717.48 on June 6.

The biggest risk to BNB’s future would be Binance’s challenges. Bad news for the exchange is also bad news for the coin.