With only days left until the US presidential election, the cryptocurrency has rebounded from a whiplash sell-off late last week following media coverage of the US investigation into Tether.
Perhaps no legal action taken by U.S. authorities against crypto companies in the past year has posed more danger to digital asset markets than the crackdown on Tether, the “too big to fail” token. Probably not.
Tether confirms BTC preparations, but is USDT still a $120 billion scam amid US investigation?
Tether’s dominance and profit growth come amid increased scrutiny of its role in global finance. US government agencies are investigating links between USDT and national security threats, despite denials
Still, cryptocurrencies in general recovered quickly.
Bitcoin reaches $70,000
Bitcoin rose more than 3% on Monday night, topping $70,000 for the first time since June, thanks to expectations for next week’s U.S. presidential election results and inflows into specialized crypto exchange-traded funds (ETFs). However, the top token is trading at around $69,800 at the time of publication, excluding some gains.
Source: CoinGecko
Bitcoin has been range-bound since reaching all-time highs in March, but apart from a few dips here and there, it has been rising in recent weeks.
To give you a little context, the top token is up 3.6% in the last week, 5.7% in the past 14 days, and about 105% in the last year.
Source: CoinGecko
Smaller coins like second place Ethereum also saw a slight increase.
This coincides with a significant surge in risk assets caused by Israel and Iran’s decision to limit mutual attacks.
Does that mean there will be no geopolitical tensions?
not much. Bitcoin is tilted to the upside in the final stages of the US election as geopolitical concerns fade.
Bitcoin Finally Breaks Above $70,000 – Here’s Why
Bitcoin soars above $70,000 to $71,260 as institutional inflows, SEC-approved ETF options, and US election speculation gain momentum
US election odds
Shares of Donald Trump’s Trump Media & Technology Group (Nasdaq: DJT), a barometer of support for the former president, soared more than 20% on Monday. The stock is currently up almost 200% over the past month.
Cryptocurrencies have also been riding the so-called Trump trade wave since President Trump championed digital assets and openly pushed to make the United States a crypto hub.
Trump’s polymarket odds have reached 66%.
Still, the final stages of the U.S. election appear to have nothing to do with cryptocurrencies, with many betting that the victory of either candidate will boost cryptocurrencies.
Everything Trump pledged in his Bitcoin 2024 speech
Donald Trump will make a long-awaited appearance at Bitcoin 2024 in Nashville, vowing to create a more friendly environment for the industry and firing Gary Gensler if elected in November. I promised.
There are also clear signs that ETF inflows are recovering from the drought.
Bitcoin options suggest it could jump to $80,000 after the election.
Everyone expects the Fed to cut rates further in the coming months, but the outcome of the U.S. presidential election could influence the speed and depth of those cuts. Of course, this is not the only challenge policymakers are grappling with. But for now, the focus will be on growth and data on jobs affected by the hurricane.
Beyond the normal news flow, widespread adoption of cryptocurrencies by retail investors has yet to materialize, suggesting further upside potential if it does. At present, institutional investors are the driving force, but individual investors are also gradually starting to enter the market.
What’s next?
Bitcoin briefly rose above $70,000, but this drop raises several questions.
BRN predicts that a sustained rally with a high above $70,000 is needed to test March’s all-time high of $73,798.
Source: Bloomberg
President Trump has promised to make the United States the global center of cryptocurrencies. Harris has taken a more balanced stance, pledging to support regulatory structures across the industry. Both positions counter President Joe Biden’s onslaught on the industry.
Regardless of the election outcome, options traders are increasing their bets that Bitcoin will surpass $80,000 by the end of November.
Implied volatility is high on Election Day, November 5th.
So far this month, net inflows into U.S. spot Bitcoin ETFs have totaled about $3.1 billion.
Bitcoin is up 66% in 2024 and has withstood recent declines in bets that the Federal Reserve will cut interest rates and news of increased U.S. scrutiny of Tether, a stablecoin that is key to crypto trading.
other places
Bitcoin Finally Breaks Above $70,000 – Here’s Why
Bitcoin soars above $70,000 to $71,260 as institutional inflows, SEC-approved ETF options, and US election speculation gain momentum
HKEX launches virtual asset index series to strengthen Hong Kong’s digital asset hub
The HKEX Crypto Asset Index Series aims to enhance the public’s understanding of trends and dynamics in the crypto asset investment environment by providing real-time data and daily reference prices in Asian time zones.
FTX reaches $228 million settlement with Bybit, causing FTT to crash
FTX settled with Bybit to repay creditors, but fell short of the $953 million originally sought.
Donald Trump’s World Freedom Finance Plan Considers Launching Stablecoins
President Donald Trump’s World Liberty Financial plans to raise $14 million and issue a stablecoin pegged to the US dollar to secure a market for future tokens.
Cryptocurrency exchange Bitpanda considers IPO or sale
Vienna’s Bitpanda is aiming for an IPO of more than $4 billion in Frankfurt, with advice from Citigroup and JPMorgan. Bitcoin ETF’s success and $70,000 price jump increases interest
block cast
This week’s Blockcast features Augustine Huang, founding partner of SOFA.org. SOFA is a decentralized, non-profit, open-source DAO dedicated to developing a trustless DeFi ecosystem that allows for atomic settlement of financial assets on blockchain.
A fan chat with host Takatoshi Shibayama focused on the role of structured products in cryptocurrencies, the types of structured products available to investors, how they work, and how investors can use structured products to take advantage of volatility. guess.
Blockcast 45 | Crypto Structure Products with Augustine Fan from SOFA.org
The former Goldman Sachs trader and macro analyst shares his journey into crypto after a decade on Wall Street, his views on the macro environment and how it impacts the crypto market. , and why we need “creative destruction” in today’s industry.
event
Singapore Fintech Festival (Singapore 6-8 November 2024)
As 2025 approaches, financial leaders face the challenge of navigating a landscape transformed by AI, data, and digital platforms that are rewriting the rules of global trade, commerce, and financial services.
At Singapore FinTech Festival 2024, hear from global leaders like Microsoft, Goldman Sachs, PayPal, and Tencent about the strategies that are shaping the future of finance. With over 66,000 participants from 150 countries and over 10,000 organizations, everyone is here.
Click to see who will be attending and who you can network with at #SFF2024. Blockhead is proud to offer a 20% discount on tickets via this link.
GeckoCon (Bangkok, November 11, 2024)
GeckoCon is back. This year, we’re diving into the revolutionary world of Web3 gaming. See how the fusion of blockchain and traditional gaming is creating a whole new layer of entertainment. Don’t miss it. Visit CoinGecko today to secure your spot at the first-ever hybrid conference in Bangkok, Thailand. Or even from the comfort of your home!
Get your tickets now using Blockhead’s 40% code: BHGC24
(Limited to 30 redemptions, valid until October 31, 2024)
(Edited) (Bangkok, November 9-11, 2024)
(REDACTED) The conference will bring together some of the brightest minds in technology for a three-day game-changing event from November 9th to 11th, 2024 at Avani Riverside Hotel. The gathering was held just before Devcon and promises to be a pivotal moment for the convergence of artificial intelligence and Web3.
Interested readers can apply for free tickets here and sign up for the hackathon here.
Devcon (Bangkok, November 12-15, 2024)
Following Devcon Bogotá in 2022, the Ethereum Foundation will host Devcon SEA, the seventh edition of its leading developer and community conference.
This groundbreaking event is expected to bring together a diverse group of people, including developers, researchers, academics, and community members, to explore the future of Ethereum and its potential to reshape society.
Tickets can be purchased here with discounts for local builders, students, teachers and youth.
Consensus (Hong Kong, February 18-20)
Consensus heads to Hong Kong to bring together the industry’s most important voices from East and West for important conversations and deal-making opportunities.
Consensus Hong Kong convenes global leaders in technology and finance to discuss pressing issues, announce major developments and deals, and share their vision for the future.
To get 20% off your tickets here, use promo code BLOCKHEADESK20 at checkout.
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