Bitcoin's downward trend has not stopped. At around ten o'clock earlier, it plummeted to $57,800, hitting its lowest price in nearly two months. At the time of writing, it was reported at $58,755, down 4.22% in the past 24 hours. Is the wash-out over? Whether it will fall below the low of $56,555 before May requires further observation.
In the past 24 hours, the entire network has liquidated $300 million
Bitcoin's price continues to fall. According to Coinglass data, in the past 24 hours, the total amount of cryptocurrency liquidations has exceeded US$300 million (long positions accounted for US$280 million), and more than 110,000 people have been liquidated (only nearly 90,000 people at 9 o'clock this morning).
Standard Chartered: Bitcoin will hit $100,000 by Election Day
However, although the currency market has not yet rebounded significantly, Geoffrey Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank, pointed out in a latest report this week that Bitcoin may hit a new record high again in August this year (Bitcoin hit a record high of $73,000 in March this year), and then reach $100,000 on the day of the US election:
As the US election approaches in November, BTC prices are likely to hit a new high in August and then break through $100,000 on US election day.
Kendrick explained that the reason for his prediction depends on whether Biden decides to continue to run:
The market interpreted this as an increased likelihood of Trump's election, an outcome that would be good for Bitcoin because Trump's victory could lead to a more friendly regulatory environment for cryptocurrencies.
During the Biden administration, regulatory agencies such as the U.S. SEC continued to put pressure on the cryptocurrency field, and Trump has repeatedly supported cryptocurrencies in public speeches this year, which has also made this U.S. election a hot topic among people in the cryptocurrency circle. Even the policies of both sides on the Web3 industry have become one of the important issues that may affect the election.
Galaxy Digital: Good for Cryptocurrency Regardless of Who is Elected
Unlike Standard Chartered Bank's judgment, Galaxy Digital CEO Mike Novogratz predicts that no matter who wins this year's election, cryptocurrencies in the United States will receive favorable regulation in the future.
Novogratz began by stating that the cryptocurrency industry will need bipartisan support in the future:
Cryptocurrency should be a bipartisan issue, we can’t have one party supporting it and the other opposing it.
Secondly, Novogratz also stated that although cryptocurrencies are currently opposed by some officials, most American politicians tend to support the innovation of cryptocurrencies:
With the exception of a few, most Democrats support innovation and cryptocurrencies, and aggressive cryptocurrency legislation is inevitable no matter who wins the election.
