In fact, many people wonder why Bitcoin suddenly took off, while many altcoins fell or even stagnated. Behind this is the classic vampire effect in the currency circle. The total liquidity of the currency circle is limited. Funds are like a pot of soup. When Bitcoin is fully fired, the soup is sucked away by it, and the altcoins fall into a "thirsty" dilemma and lack of growth. When Bitcoin enters a sideways phase and the market attention shifts, altcoins have the opportunity to obtain liquidity and keep up with the pace.

At present, the market's expectation for a 25 basis point rate cut at the Federal Reserve's interest rate meeting on November 7 is as high as 93%. If the rate cut comes true, more funds are expected to flow into the crypto market and boost market development.

Tesla CEO and billionaire Elon Musk once again “called out” Dogecoin (DOGE) during a speech in Pennsylvania on Thursday to promote Donald Trump’s presidential campaign, causing its price to rise 15% in 24 hours. During the event at Ridley High School, an attendee asked Musk if he would be willing to lead a new “Department of Government Efficiency.” Musk replied with a relaxed smile, “Yes, Dogecoin (DOGE)”, drawing cheers and applause from the crowd.

Dogecoin’s value has climbed to $0.14, up more than 15% in the past 24 hours, and its market capitalization is approaching $20 billion, according to CoinGecko.

Matrixport released a report saying that in early February 2024, (Matrix on Target) predicted that the price of Bitcoin will reach
$70,000

, when the price of Bitcoin was about $42,000. Although some people think this prediction is conservative, it is a significant increase of +65% from the price at that time. As of now, the price of Bitcoin is
$70,000
The fluctuations below show that there are still challenges to overcome in breaking through this psychological barrier, but the overall forecast is roughly accurate.

There are many connections between Bitcoin and the US election:



1. Influence of candidates’ positions and policy proposals
Since Harris was interviewed by Fox News last night, Trump's approval rating on the Polymarket platform has reached 62.1%, leading Harris by 24%. We believe that Bitcoin is expected to break through the $70,000 mark, and the development of the US political situation will affect market sentiment. If Trump is re-elected as president in 2025, it is expected that his support for business and skepticism of the Federal Reserve's policies will provide a good environment for Bitcoin. Although Trump has criticized cryptocurrencies, his attitude took a 180-degree turn at the 2024 Bitcoin Conference. He said that if he returns to the White House, he will be committed to making the United States the world's "cryptocurrency capital" and "Bitcoin superpower" and his policy direction will be beneficial to the market development of Bitcoin.

According to the official announcement, Binance will end the pre-market trading of Scroll (SCR) at 17:00 (GMT+8) on October 21, 2024, and open the following spot trading pairs at 16:00 (GMT+8) on October 22, 2024:
Spot trading pairs: SCR/BTC, SCR/USDT, SCR/FDUSD, SCR/TRY
SCR recharge channel is now open
SCR withdrawals are expected to be available at 16:00 (GMT+8) on October 23, 2024
The transfer function will be restored before 18:00 (GMT+8) on October 21, 2024
Project Background
Scroll aims to build a high-performance, scalable, and highly compatible Layer2rollup solution with the Ethereum ecosystem. Its goal is to solve the scalability problem of the Ethereum network by optimizing transaction processing speed, reducing transaction fees, and providing a better user experience.