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Now, let’s talk about Bitcoin. Standard Chartered predicts that Bitcoin could hit $125,000 if Donald Trump wins the upcoming U.S. election. If Kamala Harris takes the presidency, they estimate it could reach $75,000.
On September 12, 2024, Standard Chartered released a report stating that Bitcoin might achieve new all-time highs by the end of the year, regardless of the election outcome. Geoff Kendrick, the head of digital assets research at the bank, emphasized that while the election does matter, its impact is less significant than in 2020.
The report suggests that if Trump wins, Bitcoin (BTC/USD) could soar to around $125,000. On the other hand, under a Harris presidency, it may reach about $75,000. Kendrick also mentioned that regulatory progress in the crypto sector is inevitable. He noted, “Progress on relaxing regulations—especially the repeal of SAB 121, which imposes strict accounting rules on banks’ digital asset holdings—will continue in 2025, no matter who is in the White House.”
Additionally, the steepening U.S. Treasury curve is creating positive momentum for Bitcoin. While a Harris victory might lead to a sell-off at first, Kendrick expects investors to buy the dip, confident that regulatory changes and other factors will drive Bitcoin's growth.
In market news, Bitcoin spot ETFs experienced net outflows of $43.97 million on Wednesday, reflecting mixed market sentiment. Ark & 21Shares (ARKB) led the outflows with $54.03 million, followed by Grayscale's GBTC, which saw a $4.59 million outflow. However, Fidelity's FBTC ETF bucked the trend with an inflow of $12.57 million, according to SoSo Value data.
Ethereum spot ETFs also faced volatility, recording a total net outflow of $542,900. VanEck's ETHV contributed $1.71 million in outflows, while Fidelity's FETH ETF reported a $1.17 million inflow.
As we move forward, these trends in fund flows and regulatory developments will be hot topics at Benzinga's Future of Digital Assets event on November 19. Experts will discuss the next phase of growth for cryptocurrencies.
Coinbase has launched cbBTC, bridging Bitcoin to Ethereum and Base networks.
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