Standard Chartered: Bitcoin and the broader crypto market will continue to rise after the Fed cuts interest rates
Golden Finance reports that Standard Chartered analyst Geoff Kendrick predicts that Bitcoin and digital assets will continue to rise after the Fed's recent rate cut, which is more driven by favorable macroeconomic conditions than the results of the US presidential election.
Kendrick noted in an email on Thursday: "After the FOMC meeting, digital assets ranked first in performance for the first time. This is the case even though Polymarket today showed Kamala Harris's approval rating was 52/47." He attributed this positive performance to macroeconomic drivers beginning to overwhelm election-related uncertainties.
Kendrick insisted that the US presidential election has no greater impact on Bitcoin prices than in the past. He said: "While the US election is important, macro drivers are beginning to dominate," Kendrick said he is monitoring the difference between short-term and long-term US Treasury yields as an indicator of market conditions that are favorable to digital assets. "I look at the US 2s10s curve, and a steeper US yield curve is favorable to digital assets."
