While bitcoin (BTC-USD) is on a tear higher on Monday, what does this signal for crypto traders with the 2024 US election just three weeks away?

At a fundraising event, Vice President Kamala Harris "talked about her administration investing in America's competitiveness, encourage innovative technologies like AI and crypto," Bitwise Asset Management senior investment strategist Juan Leon tells Market Domination. "And that was welcomed by the industry because it's a departure from the Biden administration's adversarial stance on crypto and AI."

Leon notes that the United States' regulations around cryptocurrency are behind that of other countries: "We are seeing an increased trajectory towards more regulatory clarity. And alongside that, we're continuing to see upward adoption of bitcoin and other cryptocurrencies around the world. And they're really growing at a fast pace... Markets hate uncertainty and so leading up to elections it tends to be more volatile."

Bitwise manages several spot bitcoin ETFs (BITQ, BITB, BITC) and a crypto index ETF (BITW).

To watch more expert insights and analysis on the latest market action, check out more Market Domination here.

This post was written by Luke Carberry Mogan.