The downward trend of Bitcoin continues without stopping, with a sharp drop to $57,800 around ten o’clock earlier, hitting the lowest price in nearly two months. At the time of writing, it is reported at $58,755, a drop of 4.22% in the past 24 hours. Will the washout end? It remains to be seen whether it will fall below the low of $56,555 in May.
In the past 24 hours, the entire network has liquidated $300 million in long positions, according to Coinglass data. Over 110,000 people were liquidated, compared to nearly 90,000 people just after nine o’clock this morning.
Standard Chartered Bank: Bitcoin will reach $100,000 on Election Day
However, despite the lack of a clear rebound in the cryptocurrency market, Geoffrey Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank, pointed out in a report released this Monday that Bitcoin may hit a new high in August this year (Bitcoin hit a historical high of $73,000 in March of this year) and then surpass $100,000 on the day of the US election:
With the US election approaching in November, the price of BTC is likely to reach a new high in August and then exceed $100,000 on the day of the US election.
Kendrick explained that his prediction depends on whether Biden decides to run again:
The market will interpret this as an increased likelihood of Trump winning, a result that will be favorable for Bitcoin, as Trump’s victory is likely to bring a more favorable regulatory environment for cryptocurrencies.
During Biden’s administration, regulatory agencies such as the US SEC have continued to put pressure on the cryptocurrency sector, while Trump has publicly expressed support for cryptocurrencies several times this year, making this year’s US election a focus of attention for the cryptocurrency community. Even the policies of both sides towards the Web3 industry have become a major issue that may affect the election.
Galaxy Digital: The election of either candidate will be favorable for cryptocurrencies
In contrast to Standard Chartered Bank’s assessment, Mike Novogratz, CEO of Galaxy Digital, predicts that regardless of who wins this year’s election, the future of American cryptocurrencies will receive favorable regulation.
First, Novogratz stated that the cryptocurrency industry will need support from both parties in the future:
Cryptocurrencies should be an issue of common concern for both parties. We cannot allow one party to support it while the other opposes it.
Secondly, Novogratz also stated that, although cryptocurrencies are currently opposed by some officials, most American politicians tend to support cryptocurrency innovation:
With the exception of a few individuals, most Democrats support innovation and cryptocurrencies. Positive cryptocurrency legislation is inevitable regardless of who wins the election.
In the cryptocurrency industry, if you want to seize the opportunity of the next bull market, you need to have a high-quality circle, as everyone can huddle together for warmth and maintain insight. If you are alone and looking around, finding no one, it is actually difficult to persevere in this industry.