Will the upcoming election impact cryptocurrency prices Latest cryptocurrency news

CoinWorld.net reported:
Recent market changes have caught analysts off guard as the value of Bitcoin plummeted to below $67,000. This volatility comes as the US presidential election approaches, and there are expectations that the US Securities and Exchange Commission (SEC) will tighten regulations on cryptocurrencies next year, which has caused concerns among traders.
What is the SEC’s view on cryptocurrencies?
Gary Gensler, the Chairman of the SEC, holds a critical stance on cryptocurrencies, stating that most altcoins qualify as securities. Gensler’s term will last until 2026, and while Trump remains a frontrunner in cryptocurrency-related polls, he faces challenges in broader surveys.
Are analysts reevaluating their predictions?
The SEC’s recent focus on audits for 2025 indicates a comprehensive evaluation of cryptocurrency companies, which could lead to lawsuits in the coming year. Prior to the market downturn, analyst Michael Poppe ignited hope among altcoin investors by suggesting that surpassing key resistance levels could bring Ethereum close to $3,200, despite the current trend being different.
Gary Gensler believes that most altcoins are securities.
Trump leads in cryptocurrency polls but lags behind in general voter surveys.
The SEC plans to conduct extensive audits, which could result in legal lawsuits.
Market analysts are cautious as Jelle warns that Bitcoin’s potential retest price is $65,000, consistent with the previous attempt to regain $69,000. Additionally, Phoenix emphasizes the possibility of a minor pullback, reflecting investors’ cautious attitude during turbulent times.