30s Summary

As the US presidential election nears, cryptomarkets are predicted to experience substantial price changes. Investment strategy firm 10x Research advises investing in Bitcoin and selling Solana’s digital token. Election outcomes might affect digital assets and potential US-based exchange-traded funds (ETFs) linked to cryptocurrencies like SOL. A Kamala Harris win might decrease the chances of ETF approval causing a potential 15% drop in Solana whereas a Trump win could increase Bitcoin, Ether and SOL by 5%. Drops in Solana’s daily transaction fees could also affect token prices.

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As the US presidential election draws near, cryptocurrency markets are expected to see some significant price changes. One investment strategy for this tricky trading period, proposed by 10x Research, is to pump your money into Bitcoin, while backing away from Solana’s digital token. This approach aims to navigate expected fluctuations driven by the election.

Founder of 10x Research, Markus Thielen suggested to clients that “going long Bitcoin and short Solana” could be a smart tactic. The election results could massively impact various digital assets, including the potential approval of a US-based exchange-traded fund (ETF) linked to alternative cryptocurrencies like SOL.

If Kamala Harris wins, the chances of these ETFs getting the green light might go down, potentially causing a 15% plunge in Solana. Bitcoin, on the other hand, might only see a smaller dip of around 9%. Conversely, if Donald Trump wins, we might see a rise of about 5% in Bitcoin, Ether and SOL.

According to Thielen, another reason to go short on SOL is because daily transaction fees on the Solana network have dropped to $2.5 million after hitting a record high of $5 million on October 24. Historically, drops in fees like this have affected token prices. Currently, the SOL-BTC ratio is at 0.00235 on Binance, as per TradingView.