|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Bitcoin (BTC) Primed to Break Records Regardless of Election Outcome as the Crypto Market Remains Optimistic
Oct 24, 2024 at 10:31 pm
No matter who wins the upcoming election, the overall outlook for the crypto market remains optimistic. However, the direction for Bitcoin and altcoins could vary depending on the leadership.
The upcoming U.S. presidential election is set to be a pivotal moment for the crypto industry, with the potential to shape the regulatory landscape and influence the trajectory of digital assets. While both candidates have expressed varying degrees of support for cryptocurrencies, the broader macroeconomic outlook and shifting political dynamics are also expected to impact the performance of Bitcoin and altcoins in the coming months.
According to Matthew Sigel, head of digital assets research at VanEck, Bitcoin could benefit from potential U.S. debt downgrades and tighter fiscal policies. This could enhance Bitcoin's appeal as a hedge against financial instability. However, Sigel anticipates a more complex path for altcoins, with Trump’s policies possibly favoring non-Bitcoin digital assets.
On the other hand, James Butterfill, head of research at CoinShares, suggests that a Trump presidency could weaken the U.S. dollar due to protectionist trade policies and inflationary moves. This would likely boost Bitcoin as a safeguard against a devaluing dollar. Additionally, Trump’s pro-crypto stance, along with his vice-presidential pick J.D. Vance, could create a more welcoming regulatory environment for digital currencies.
In contrast, Butterfill argues that a Harris presidency could bring a more cautious approach to crypto regulation, differing from Biden's stricter stance. However, Harris's relatively vague position on cryptocurrency leaves room for uncertainty. This ambiguity could benefit Bitcoin, while altcoins may face increased regulatory scrutiny, potentially tightening the market for non-Bitcoin digital assets.
According to Deribit data, there is volatility ahead. On Friday at 08:00 UTC, Deribit will see the expiration of BTC and ETH options contracts valued at $4.2 billion and $1 billion, respectively. Options give holders the right, but not the obligation, to buy or sell an asset at a specified price within a certain timeframe.
However, longer-term crypto options traders have set their sights on Bitcoin hitting fresh highs in the coming weeks. Options contracts expiring on November 8 are heavily concentrated at the $75,000 strike price, signaling a key point of interest for market participants. Similarly, open interest for options expiring on November 29 shows significant bets placed at the $80,000 strike level, reflecting growing optimism among traders.
Despite a narrative that Trump’s pro-crypto stance would drive Bitcoin higher, traders now see macroeconomic factors, such as potential Federal Reserve rate cuts, as more influential.
Mick Mulvaney, former acting White House Chief of Staff under Donald Trump, described the cryptocurrency industry as one that “breaks the mold” of U.S. politics by appealing to both Democrats and Republicans. In an Oct. 23 interview with NewsNation, where he serves as a contributor, Mulvaney emphasized that crypto doesn't conform to traditional political divisions, crossing party lines in ways few industries do.
“Crypto doesn’t fit neatly into the old Republican-Democrat silos,” Mulvaney said, highlighting the bipartisan interest in the growing sector. He went on to say that lawmakers are gradually “realigning” their perspectives to adapt to emerging industries like cryptocurrency.
Reflecting on the evolution of the industry, Mulvaney noted its gradual maturation. “It’s a new industry, and it's starting to mature a little bit — though not much,” he said. Recalling his own experiences from four years ago, Mulvaney remarked on how crypto advocacy in Washington has transformed from individuals sending angry emails from their basements to well-organized, professional operations engaging with lawmakers on Capitol Hill.
The timing of the election coincides with broader financial developments, notably the first Fed rate cuts in four years and a surge in stock prices. These factors contribute to a perfect storm for Bitcoin to reach new highs, according to Mei. “The fact that this coincides with the Fed rate cuts and a stock market rally only strengthens the argument that Bitcoin could surpass its previous all-time high and climb to $80,000,” Mei added.
Bitcoin Could Surge to $200,000 by 2025 Says Bernstein
Bitcoin could reach a staggering $200,000 by the end of 2025 as it moves into what analysts are calling “a new institutional era,” according to a comprehensive report from Bernstein Research released on Oct. 22. The 160-page report, referred to as the “Black Book,” outlines a bullish case for Bitcoin, citing the continued consolidation of the mining industry and increased institutional involvement.
In a post on X, Matthew Sigel, VanEck’s head of digital asset research, highlighted Bernstein's key points, noting that institutional investors are increasingly dominating the Bitcoin landscape. “Ten global asset managers now hold around $60 billion in Bitcoin wrapped as regulated exchange-traded funds (ETFs), compared to just $12 billion in September 2022,” the report notes. This shift
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- PropiChain: Revolutionizing the Real Estate Sector With Blockchain and AI
- Oct 25, 2024 at 02:25 am
- Traditional real estate investments are plagued by outdated methods, fraud risks, non-transparent pricing, low liquidity, a large dependency on intermediaries, and high transaction costs. PropiChain aims to address these issues and bring revolutionary changes in the industry by integrating advanced technologies such as blockchain, NFTs, smart contracts, AI, and the Metaverse.
-
- Sekura.id Achieves SIM Swap Certification from the GSMA Open Gateway, Underscoring Commitment to Upholding the Highest Standards of Security and Compliance in Mobile Identity Services
- Oct 25, 2024 at 02:25 am
- NORFOLK, United Kingdom, Oct. 24, 2024 (GLOBE NEWSWIRE) -- Sekura.id is thrilled to announce that we have been awarded SIM Swap Certification from the GSMA
-
- Doland Tremp (TREMP) Bounces Back as Meme Power Drives Market Buzz
- Oct 25, 2024 at 02:25 am
- While most crypto projects focus on utility, Doland Tremp is out here capitalizing on meme culture. This coin, which combines Trump parodies with the classic Spoderman meme, has bounced back in the past 24 hours.