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Rising tensions in the Middle East may push bitcoin below $60,000 before this weekend, presenting a buying opportunity for investors due to Donald Trump's increasing chances of winning the US election, Standard Chartered said.
“Risk concerns related to the Middle East look set to push bitcoin below $60,000 heading into the weekend,” Geoff Kendrick, global head of digital asset research at Standard Chartered, said in a research note.
He added that the $80,000 call options and “circularity versus Trump odds” suggest this drop “should be accepted.”
Middle East conflict could boost bitcoin's post-election prospects
Kendrick noted that Trump Polymarket The odds of winning the election have increased by 1%, while her political rival and Vice President Kamala Harris has seen her chances fall by the same amount on the decentralized betting platform. Oddsmakers now put the odds of a Harris victory at 49%, while Trump's chances of victory are 50%.
The Standard Chartered analyst said the conflict in the Middle East could end up having a positive impact on the “post-election prospects” of the leading cryptocurrency. Although geopolitical concerns could drive down the price of bitcoin in the short term, these same concerns are increasing Trump's election odds.
A Trump victory is considered favorable for the cryptocurrency market due to the former president's pro-crypto stance. In addition to making numerous bullish statements in this year's edition bitcoin Conference 2024also launched its decentralized finance (DeFi) platform, World Liberty Financial.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”7.3018867924528″>
crypto experts are talking about it twitter.com/worldlibertyfi?ref_src=twsrc%5Etfw”>@WorldLibertyFi. This is not just another project: it is the future of finance.
— WLFI (@worldlibertyfi) twitter.com/worldlibertyfi/status/1841607922444362061?ref_src=twsrc%5Etfw”>October 2, 2024
A Harris victory could cause an initial drop in prices
Many believe that a Harris victory could be bearish for the digital asset industry. This is because investors anticipate a stricter regulatory environment if the Democratic candidate wins.
Kendrick said the market could see “an initial price drop” if Harris wins the White House. However, he added that investors will likely accept any price declines “as the market recognizes that there will still be progress on the regulatory front.”
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