If Donald Trump wins, the firm expects the price of Bitcoin to rise to $90,000 by the fourth quarter of this year. This optimism is based on Trump’s favorable stance towards cryptocurrencies, including his intention to appoint a pro-industry SEC chairman, as well as making the United States a global benchmark for the crypto market. Regulatory reforms pushed by Trump stand out as a key factor in this projected growth.
On the contrary, a possible K victoryAmala Harris could have a negative impact on Bitcoinwith the price falling below $50,000, possibly reaching the range of US$30,000 to US$40,000. Although Harris has not publicly expressed her stance on cryptocurrencies, the regulatory environment in which the industry has operated under the current administration has been perceived as unfavorable, which could lead to further uncertainty in the cryptocurrency market.
The firm also mentions that, despite recent regulatory challenges, Innovation in the sector could flourish if current restrictions are easedHowever, political uncertainty remains a major factor for the future of the crypto market.
Uncertainty in the US hits cryptocurrencies
Digital asset ETF investment products experienced significant outflows totaling $726 million in the last week, matching the largest outflow recorded in March of this year.
Bitcoin ETFs saw outflows of $643 million, while their ethereum (ETH) counterparts lost $98 million, according to digital asset manager CoinShares. Surprisingly, virtually all other crypto investment products, except those based on cardano (ADA), saw net positive inflows, although these were too small to offset the negative impact of BTC and ETH.
Bitcoin fell more than 8% over the week, closing at $54,000 on Friday after trading around $59,000 on Monday, weighed down by uncertainty in the United States. In fact, spot bitcoin exchange-traded funds (ETFs) saw net outflows every day and extended their losing streak to eight consecutive days. It is the first time this has happened since the funds began trading in January. Recently, BlackRock’s IBIT fund recorded its third day of net outflows, the second in just two weeks.
By region, outflows were almost entirely concentrated in the US, where outflows amounted to $721 million, although outflows worth $28 million were also recorded in Canada. In contrast, sentiment in Europe was more positive, with net inflows of $16.3 million in Germany and $3.2 million in Switzerland.
Source: Ambito
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