CoinDesk Report:
Bitcoin’s downward trend shows no sign of abating, plunging sharply to $57,800 around ten o’clock earlier, marking its lowest price in nearly two months. As of the time of writing, it is trading at $58,755, down 4.22% in the past 24 hours. The question remains whether the sell-off has reached its nadir or if further decline, potentially breaching the May low of $56,555, is imminent.
In the past 24 hours, the cryptocurrency market witnessed liquidations exceeding $300 million globally, with long positions accounting for $280 million. Over 110,000 individuals have been liquidated, up from nearly 90,000 earlier this morning.
Standard Chartered Bank: Bitcoin Could Reach $100,000 on Election Day
Despite the lack of a pronounced rebound in the cryptocurrency market, Geoffrey Kendrick, Head of Foreign Exchange and Digital Assets Research at Standard Chartered Bank, suggested in a recent report on Monday that Bitcoin could hit another all-time high in August (Bitcoin hit a record high of $73,000 in March this year) and then surpass $100,000 on the day of the U.S. election:
“With the U.S. November election approaching, BTC prices are likely to hit new highs in August and could breach $100,000 on Election Day.”
Kendrick explained that his forecast hinges on whether Biden decides to run again:
“The market will interpret this as increasing the likelihood of Trump’s victory, which could favor Bitcoin by creating a more crypto-friendly regulatory environment.”
Galaxy Digital: Favorable Conditions for Cryptocurrency Regardless of Election Outcome
In contrast to Standard Chartered Bank’s outlook, Mike Novogratz, CEO of Galaxy Digital, predicted that U.S. cryptocurrency regulations would be favorable regardless of this year’s election outcome.
Novogratz emphasized the bipartisan support needed for the cryptocurrency industry in the future:
“Cryptocurrency should be a bipartisan issue of concern. We cannot afford to have one party support it while the other opposes it.”
Furthermore, Novogratz noted that despite current opposition from some officials, the majority of U.S. politicians lean towards supporting cryptocurrency innovation:
“Except for a few, most Democrats support innovation and cryptocurrencies. Positive cryptocurrency legislation is inevitable regardless of the election outcome.”