Bitcoin Pin $57,800! Standard Chartered: Bitcoin will hit $100,000 by election day

This site (120btC.coM): Bitcoin’s decline has not stopped, falling sharply to US$57,800 around 10 o’clock earlier, hitting the lowest price in the past two months. The price at the time of writing is US$58,755, down 4.22% in the past 24 hours. Is the wash over? Whether it will fall below the pre-May low of $56,555 remains to be seen.

USD 300 million has been liquidated across the entire network in the past 24 hours

Bitcoin continues to decline. According to Coinglass data, the amount of cryptocurrency liquidation across the entire network has exceeded US$300 million in the past 24 hours (longs accounted for US$280 million) , more than 110,000 people were liquidated (only close to 90,000 people were liquidated at 9 o'clock this morning).

Standard Chartered Bank: Bitcoin will reach $100,000 on election day

However, although the currency market has not yet rebounded significantly, Geoffrey Kendrick, head of Standard Chartered Bank’s foreign exchange and digital asset research department, pointed out in a latest report this week that Bitcoin Bitcoin may hit another all-time high in August this year (Bitcoin hit an all-time high of $73,000 in March this year) and then reach $100,000 on US election day: As the US November election approaches, BTC prices are likely to rise in August Hitting new highs before breaking $100,000 on U.S. election day.

Kendrick explained that the reason for his prediction depends on whether Biden decides to continue running: the market interprets this as an increase in the possibility of Trump being elected, an outcome that will be beneficial to Bitcoin because of the special A Trump victory could lead to a friendlier regulatory environment for cryptocurrencies.

During the Biden administration, the U.S. SEC and other regulatory agencies continued to put pressure on the cryptocurrency field. Trump has supported cryptocurrency in public speeches many times this year, which also made the U.S. election a hot topic among cryptocurrency circles. Pay attention to, and even the policies of both parties towards the Web3 industry have become one of the important issues that may affect the election.

Galaxy Digital: No matter who is elected, it will be good for cryptocurrency

Contrary to Standard Chartered Bank’s judgment, Galaxy Digital CEO Mike Novogratz predicted that no matter who wins this year’s election, cryptocurrency in the United States will receive favorable regulation in the future.

Novogratz first said that the cryptocurrency industry needs bipartisan support in the future: Cryptocurrency should be a matter of common concern to both parties, and we cannot have one party support it and the other party oppose it.

Second, Novogratz also said that although cryptocurrency is currently opposed by some officials, most American politicians tend to support the innovation of cryptocurrency: With the exception of a few people, most Democrats support innovation and Cryptocurrency, positive cryptocurrency legislation is inevitable no matter who wins the election.

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