– The primary debate between U.S. presidential candidates Donald Trump and Kamala Harris befell on 10 September. Though cryptocurrencies weren’t talked about, the talk final result had a adverse affect on the costs of main digital property. Previous to the talk, Trump held a slight lead in prediction markets. As an illustration, on Polymarket, his possibilities stood at 53%, in comparison with Harris’s 46%. Nevertheless, after the talk, each candidates’ odds equalised at 49%. On one other prediction platform, PredictIt, the distinction was extra pronounced: after the talk, Harris’s possibilities rose to 56%, whereas Trump’s dropped to 47%.
Since Trump had positioned himself as a supporter of cryptocurrencies, whereas Harris had but to make clear her stance on the matter, this shift within the steadiness negatively affected the worth of bitcoin and different cryptocurrencies. Following the talk, the worth of the flagship asset dropped by roughly 3%.
– Analysts at Matrixport have revealed a forecast relating to the worth motion of the main cryptocurrency following the end result of the U.S. presidential election. Of their view, bitcoin will proceed to rise, whatever the voting outcomes. Matrixport reminded readers that in Donald Trump’s presidency from 2016 to 2020, bitcoin noticed a progress of 1,421%. Underneath Joe Biden’s presidency, from 2020 to 2024, BTC’s worth elevated by 313%. “Bitcoin can proceed to thrive no matter who wins the presidential election in November 2024 and takes the White Home,” Matrixport analysts wrote. Of their opinion, the following president is more likely to have a better affect on the regulation of the cryptocurrency market within the nation than on bitcoin’s worth itself.
– Consultants at Bernstein have outlined a possible state of affairs for the cryptocurrency market relying on the end result of the U.S. presidential election. In line with their forecast, bitcoin may take a look at a variety between $80,000 and $90,000 if Donald Trump wins, and between $30,000 and $40,000 if Kamala Harris turns into the occupant of the White Home. “Whereas some leaders within the crypto business harbour illusions about Harris’s marketing campaign and hope for extra constructive insurance policies, we anticipate a big distinction between the 2 political outcomes. A Harris victory will possible preserve the difficult regulatory surroundings that has stifled market progress in recent times,” Bernstein said.
Analysts additionally reminded that the rhetoric of the U.S. presidential candidates differs tremendously. Trump guarantees that the U.S. will develop into the “world capital of bitcoin and cryptocurrencies,” whereas Harris’s marketing campaign avoids any point out of digital property.
– Specialists at Gemini carried out a survey amongst 6,000 respondents from the U.S., UK, France, and Singapore. The outcomes confirmed that from 2022 to 2024, the proportion of cryptocurrency possession amongst merchants and traders within the U.S. and UK remained nearly unchanged, standing at 21% and 18%, respectively. In France, the determine elevated from 16% to 18%, whereas in Singapore, it dropped from 30% to 26%.
Respondents highlighted the problem of cryptocurrency regulation. Within the U.S. and UK, 38% admitted that they chorus from buying digital property as a result of legislative complexities. The same view was expressed by 32% of these surveyed in France and about 50% in Singapore. Amongst those that bought cryptocurrencies, 38% did so to hedge towards inflation dangers.
The Gemini report additionally famous that the gender hole amongst crypto traders has develop into extra pronounced in comparison with 2022. Presently, 69% of digital asset house owners determine as males, whereas 31% determine as girls.
– The U.S. Federal Bureau of Investigation (FBI) has revealed a report revealing that almost 70,000 complaints relating to cryptocurrency fraud had been registered in 2023. Losses suffered by Americans elevated by 45% in comparison with 2022, reaching a document $5.6 billion. Victims reported falling into legal schemes predominantly involving bitcoin, ethereum, and the stablecoin USDT. Essentially the most weak demographic group was older Individuals aged over 60, who collectively misplaced round $1.6 billion.
Nearly all of claims had been associated to crypto investments, accounting for almost 71% of the entire losses, or roughly $3.96 billion. Round 10% of complaints concerned calls from scammers posing as authorities representatives by way of name centres. Different frequent types of fraud famous by the FBI included schemes involving bank cards, extortion, malware, and romance scams, usually carried out through social media and relationship apps.
– The Head of Analysis at Bitcoin platform New York Digital Funding Group, Greg Cipolaro, has urged bitcoin holders to stay affected person. In his opinion, September is unlikely to carry any surprises when it comes to worth progress for the flagship cryptocurrency.
As the principle issue influencing the BTC price, the professional pointed to the upcoming U.S. presidential election on 4 November. In line with him, the end result of this occasion shall be a turning level for the complete crypto market, no matter who wins. Nevertheless, Cipolaro kept away from making a prediction about whether or not Donald Trump or Kamala Harris would emerge victorious. The analyst can also be satisfied that components akin to employment knowledge, inflation charges, and even adjustments to the Federal Reserve’s rate of interest won’t have a long-lasting affect on bitcoin’s worth.
– In line with Coinglass, 9 September marked the top of the longest capital outflow part from U.S. spot BTC-ETFs. The capitalisation of those funds started to say no on 26 August, throughout which they misplaced $1.2 billion. Nevertheless, on Monday, 9 September, bitcoin ETFs attracted $28.6 million in capital, lastly breaking the streak of losses.
It’s value noting that this case shouldn’t be new. For the reason that begin of BTC-ETF buying and selling within the U.S. on 12 January 2024, the capitalisation of those derivatives has twice skilled seven consecutive days of decline (excluding weekends and holidays). This occurred from 24 April to 2 Might and from 13 to 24 June, coinciding with a drop within the worth of the main cryptocurrency. Inflows into the funds have usually been accompanied by a big rise within the digital asset’s worth.
– Consultants at 10x Analysis have famous {that a} potential 50 foundation level rate of interest lower, which could possibly be introduced following the U.S. Federal Reserve’s assembly on 17-18 September, would possibly negatively have an effect on the worth of bitcoin and different cryptocurrencies.
“A pointy price lower is an indication of financial concern, not confidence,” the analysts consider. Of their view, lowering borrowing prices by 50 foundation factors may point out that the regulator is struggling to fight an impending downturn within the labour market. In addition they recommend that the group’s expectations of an increase within the worth of the main cryptocurrency might not materialise, as progress catalysts are absent and the Fed is concentrated on balancing help for the labour market with efforts to curb inflation.
– In line with MicroStrategy founder Michael Saylor, bitcoin is ready to extend in worth by 70 instances, reaching $3.85 million. He primarily based his forecast on the technological superiority of the flagship cryptocurrency over different property and its annual return. Since August 2020, when MicroStrategy started buying BTC, the cryptocurrency has delivered a median annual return of 44% to traders. By comparability, over the previous 4 years, the S&P 500 index has grown by roughly 12% yearly.
Saylor additionally claims that the current capital outflow from Ethereum-based spot ETFs will solely enhance investor demand for bitcoin. He’s assured that the longer term belongs to hodlers (long-term traders), who will outlast merchants targeted on short-term worth fluctuations.
In the long run, the billionaire predicts that digital gold may rise to $13 million, though that is anticipated to occur by 2045. By 2050, bitcoin’s market capitalisation may account for 13% of world capital. For reference, it at the moment stands at round 0.1%.
– The prospects for the approval of a Solana ETF have develop into much more unsure in current months, largely as a result of normal difficulties going through the crypto market. Bloomberg analyst James Seyffart highlighted the challenges {that a} potential launch of those funds is going through. Particularly, he identified {that a} main impediment is the truth that the U.S. Securities and Trade Fee (SEC) has categorized Solana as a safety in numerous authorized proceedings.
Sui Chung, CEO of Kraken subsidiary CF Benchmarks, just lately said {that a} Solana-based ETF might by no means materialise. The rationale, he defined, is that there are at the moment no vital regulated markets for futures tied to this token. Evaluating Solana with current spot ETFs, Chung emphasised that bitcoin and ethereum had been listed on CME, the world’s largest derivatives market, a number of years earlier than the SEC authorised their ETFs. Moreover, futures for these two cryptocurrencies had no contract violations, making SEC approval nearly inevitable.