According to ChainCatcher, Geoff Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank, said that after the Federal Reserve’s recent decision to cut interest rates by 50 basis points, Bitcoin and the broader digital asset market are expected to receive a continued boost.
Kendrick believes that macroeconomic factors will drive up digital asset prices, a trend that will not be affected by the outcome of the upcoming U.S. presidential election.
He noted that Bitcoin and other digital assets have performed strongly following the Federal Open Market Committee (FOMC) rate cut on Wednesday. Kendrick said that the steepening of the U.S. Treasury yield curve is positive for digital assets, and he expects to see inflows into spot Bitcoin ETFs in October.
Kendrick reiterated his previous prediction that Bitcoin will hit new highs before the end of the year, with a target of $125,000 if Trump wins and $75,000 if Harris wins.
