– A survey performed within the US by Harris Ballot, with monetary assist from Grayscale, revealed that over 56% of voters usually tend to vote for a presidential candidate who helps the crypto trade. In keeping with the survey outcomes, nearly 40% of voters now take note of a candidate’s stance on digital property (in December 2023, this determine didn’t exceed 34%). Moreover, almost 45% of cryptocurrency holders imagine that the Democratic Get together, represented by presidential candidate Kamala Harris, is extra beneficial to the trade, whereas 42% indicated assist for the Republicans, with candidate Donald Trump.
Analysts additionally famous that the rising curiosity in digital currencies is linked to the launch of spot BTC-ETF and ETH-ETF buying and selling. Practically 30% of these surveyed by Harris Ballot said that these new merchandise elevated their curiosity in investing in digital property. Round 46% expressed a need so as to add cryptocurrencies to their funding portfolios.
An analogous survey, performed by the crypto change Coinbase and Morning Seek the advice of, confirmed that votes amongst digital asset holders have been evenly cut up: 47% supporting Kamala Harris and one other 47% backing Donald Trump. Regardless of some discrepancies with the Harris Ballot information, the outcomes of each surveys clearly point out that crypto traders will change into an essential group able to influencing the end result of the US presidential election on 5 November.
– October has traditionally been related to an increase in bitcoin’s worth. Analysts at QCP Capital have calculated that over the previous 9 years, the main cryptocurrency has elevated in worth eight occasions throughout October, with a median progress of twenty-two.9%. If this sample repeats itself, it may drive BTC above $78,000, marking new all-time highs. At present, bitcoin is consolidating throughout the $60,000–$70,000 vary, sparking hypothesis a few potential bullish breakout, probably influenced by the upcoming US presidential election. Moreover, analysts have famous that the influx of funds into spot BTC-ETFs has remained persistently optimistic for the eighth consecutive day, reflecting an identical pattern to Q1 of this yr. On Monday, 1 October alone, these funds noticed inflows exceeding $61 million.
– Markus Thielen, the founding father of 10x Analysis, famous that for the reason that summer time, following the discharge of knowledge on enterprise exercise (PMI) within the US manufacturing sector, the crypto market has seen a decline of roughly 10%.
“Manufacturing exercise is as soon as once more declining,” writes the analyst, “and it may lower additional because of the dockworker strikes that started on 30 September at a number of of the most important ports within the US. This can negatively influence the crypto trade.” Thielen added, “Forecast indicators have dropped to ranges near recessionary territory. If the PMI falls beneath 48.0, it may set off an additional decline in bitcoin, whereas a better determine may result in a rally.” Moreover, Thielen identified that uncertainty within the crypto market is additional exacerbated by the potential improve in the important thing rate of interest by the Financial institution of Japan as a part of its ongoing coverage of tightening (QT).
– Monetary strategists at one of many world’s largest banks, JPMorgan, have said that flagship cryptocurrencies corresponding to bitcoin may be helpful for diversifying an fairness portfolio. Of their [controversial] opinion, digital property have minimal correlation with conventional market property. Subsequently, JPMorgan believes they will present efficient danger hedging. “Reallocating a inventory portfolio and including 1% of whole property to cryptocurrencies might be an efficient technique for enhancing funding effectivity and general portfolio returns, adjusted for danger,” the financial institution’s strategists commented. By investing such a small portion of property in BTC, an investor wouldn’t undergo vital losses even when the value of the flagship cryptocurrency have been to drop sharply. Alternatively, a rise in bitcoin’s market worth amidst a decline in commodity and uncooked supplies funding devices may scale back general losses. Nevertheless, JPMorgan economists level out that their suggestions apply particularly to the aforementioned markets and are much less efficient within the forex markets, for example, in pairs with the greenback or yen.
Beforehand, Matt Hougan, Chief Funding Officer at Bitwise, remarked that main monetary advisors are more and more recommending that their purchasers put money into cryptocurrencies. Though, in our view, their recommendation for traders to carry simply 1% in bitcoin is hardly a daring or revolutionary transfer.
– The Chinese language authorities have issued the first-ever crypto licence to ZA Financial institution. This makes the corporate the primary digital financial institution in Hong Kong, a particular administrative and financial area of China, to be permitted to conduct cryptocurrency operations. The choice, which allowed the financial institution to enter this market, was made following a year-long dialogue with mainland Chinese language regulators and Hong Kong’s Securities and Futures Fee (SFC). Beforehand, ZA Financial institution had introduced that, upon receiving the licence, it might be able to serve firms issuing their very own stablecoins and to open custody accounts for crypto property.
– Michael Saylor, the founding father of MicroStrategy, the most important non-public holder of bitcoin, shared a chart illustrating the value modifications of his firm’s inventory, BTC, and the S&P 500 index. Since MicroStrategy made its first bitcoin buy in August 2020, the corporate’s property have appreciated by 1,325%. Throughout the identical interval, bitcoin’s worth elevated by solely 451%, whereas the S&P 500 rose by “simply” 71%.
Because of this, MicroStrategy’s shares have outperformed the main cryptocurrency by almost thrice in profitability and have exceeded the efficiency of firms within the S&P 500 by greater than 18 occasions. Because the begin of this yr alone, MicroStrategy’s shares have risen by 152%. On the finish of September, the corporate raised an extra $2.1 billion to purchase extra bitcoin, bringing its holdings to 252,220 BTC, or 1.3% of the whole provide.
– In keeping with Ryan Lee, the Chief Analyst at Bitget Analysis, the value of ETH in October is predicted to vary between $2,200 and $3,400. Among the many key elements influencing the asset’s worth, the knowledgeable highlighted the discount of the US Federal Reserve’s key rate of interest. Lee said that after this charge aligns with Ethereum’s staking yield, at the moment at 3.5% every year, ETH will as soon as once more change into a horny funding instrument. Subsequently, a lower within the rate of interest will positively have an effect on the coin’s worth.
One other issue is the discharge of EigenLayer (EIGEN) tokens and their subsequent itemizing on exchanges. This might appeal to extra capital into the ecosystem, doubtlessly enabling ETH to outpace bitcoin and Solana (SOL) when it comes to worth progress. As a 3rd progress issue, Lee pointed to the resurgence of curiosity in meme tokens. He famous that there’s at the moment a rise within the variety of meme-based digital property on the Ethereum community, corresponding to Neiro (NEIRO). Excessive demand for these tokens is prone to appeal to new customers and increase the recognition of the ETH community. Nevertheless, the knowledgeable didn’t rule out the potential for a pointy decline within the cryptocurrency’s worth, doubtlessly dropping to $2,200 (it’s at the moment buying and selling at round $2,550).
– Michael Van De Poppe, an knowledgeable and founding father of the businesses Eight and MN Buying and selling, believes that by the tip of 2024, the value of the main cryptocurrency will attain a file $192,000. He means that the BTC market is at the moment experiencing a “good storm.” Rising social tensions in lots of international locations, a decline in belief towards conventional monetary establishments, and a weakening labour market within the US are pushing traders to show to property like bitcoin and different cryptocurrencies.
In keeping with Van De Poppe, as central banks scale back rates of interest and improve liquidity to stimulate financial progress, a medium-term rise within the costs of property corresponding to bodily and digital gold is inevitable. The exponentially rising US nationwide debt and additional charge cuts by the Federal Reserve will function highly effective catalysts for the cryptocurrency’s worth progress. Van De Poppe predicts that within the subsequent cycle, bitcoin’s worth may attain between $300,000 and $600,000.
