opbnb

在比特币上市指数基金中四个月中的最多资金正在损失，比特币的价格继续下跌，并且由于对经济放缓的担忧而进一步下降。 #opbnb

Bitcoin BTC
-0.79%
's price spiked higher immediately after the U.S. Federal Reserve cut interest rates by 50 basis points on Wednesday.
The Federal Open Market Committee (FOMC) did what many economists and traders predicted: It cut the benchmark federal funds rate to a lower range of between 4.75% and 5.00%.
"Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have slowed, and the unemployment rate has moved up but remains low. Inflation has made further progress toward the Committee's 2 percent objective but remains somewhat elevated," the central bank said in a statement. "The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance."
Regarding the possibility of further rate cuts, the central bank said, "In considering additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities."
"...the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals," the FOMC statement added.
Fed Chair Jerome Powell is scheduled to hold a press conference at 2:30 p.m. ET.
Analysts predict short-term market volatility
QCP Capital analysts expect that today's decision by the U.S. central bank will significantly influence financial markets in the medium to long term. They forecast heightened short-term market volatility following the Fed's decision to cut the benchmark rate.
"We are confident that volatility will be high in the days following the meeting, as traders readjust their positions over the next few weeks, and the regime change could also signal the start of strong macro trends," QCP Capital analysts said.
RELATED INDICES
While they foresee short-term volatility and potential price drawdowns, the analysts advise investors to concentrate on long-term opportunities. They recommend focusing on long-dated investment strategies with unlimited upside potential to benefit from possible substantial increases in bitcoin prices.
"While drawdowns and high volatility are expected, don't let it detract from the path to higher bitcoin prices, and we favor long-dated structures with unlimited upside to capitalize on potential parabolic advances in bitcoin prices," the analysts added.
Equities higher after Fed decision to cut rates
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Decentralized finance (DeFi) protocols play an integral role in user activity on blockchains today. For example, decentralized exchanges (DEXs) now constitute a significant percentage of overall crypto trading volume and are typically the primary source of user-generated transaction fees for smart contract platforms and their node operators. In 2024, memecoin trading has grown into a dominant driver of user attention and onchain activity, further underscoring the utility of DEXs and other DeFi protocols that provide permissionless access to core financial services.
One of the key challenges for DeFi protocols is the retention of user capital, which serves a vital role in the product experience for other users. On DEXs, deep liquidity enables tighter price spreads and lower slippage for trades. On lending protocols, more liquidity means more attractive rates for borrowers and better capital efficiency for lenders. Liquidity also has a self-perpetuating effect; lower trading fees and borrowing costs attract more volume, generating higher yields for liquidity providers (LPs), which in turn attracts more liquidity, further reducing user costs, and so on. Today’s DeFi landscape is more competitive than ever, with different ecosystems constantly vying for liquidity fractured across protocols and blockchains. In this report, we explore the state of the Avalanche AVAX
+0.74%
DeFi ecosystem, currently bolstered by the Avalanche Foundation’s BOOST campaign intended to incentivize DeFi liquidity throughout the ecosystem.
BOOST Campaign
The BOOST campaign is an incentive program designed to reward users and LPs across key DeFi protocols in the Avalanche ecosystem. Protocols participating in the program include the DEXs Trader Joe, GMX, and Pharaoh, and WooFi,  the Benqi lending protocols Aave and Benqi, and the DeltaPrime leveraged yield farming protocol. Each protocol manages individual strategies for the distribution of AVAX token incentives provided by the Avalanche Foundation through the BOOST campaign, which began in July 2024 and is expected to last through October.
The BOOST campaign is reminiscent of the Avalanche Rush incentive program launched back in August 2021, which played a major role in pushing the Avalanche ecosystem’s TVL to its all-time high (ATH) of ~$11.4 billion in November 2021. Earlier this year, the Avalanche Foundation launched the Memecoin Rush incentive program that specifically targeted memecoin liquidity, whereas the BOOST program is catered more towards improving liquidity for well-established assets like BTC.b, USDC, USDT, etc. As of this writing, TVL on Avalanche sits at ~$980 million, up by ~$137 million since the start of 2024 and down slightly from its year-to-date (YTD) peak of ~$1.27 billion.

Since the beginning of July, TVL has risen by ~$249 million for a gain of ~34%, suggesting that the BOOST campaign has had a positive effect on the Avalanche ecosystem’s overall liquidity. TVL is also up by ~22% when denominated in AVAX over this period, implying that the liquidity increase is likely due to an influx of capital rather than the price appreciation of existing liquidity alone.
Lending & Yield Aggregation
TVL in the Avalanche ecosystem is largely dominated by its two largest lending protocols, Aave V3 and Benqi, which collectively make up ~63% of overall TVL. Aave initially distributed BOOST rewards in select lend/borrow markets for a limited period in late July, which are slated to return in the coming weeks, while Benqi has continued to offer both lender and borrower incentives as of this writing. The effect of these contrasting strategies is clear when comparing TVL growth between the two protocols in recent months. Since the beginning of July, Aave’s TVL has increased by ~34%, while Benqi’s has increased by ~54% over the same period, highlighting the impact of incentives on capturing liquidity.
Incentivized liquidity in lending markets can also create a trickle-down effect for yield aggregators and leveraged farming protocols, which typically allow users to further increase their effective yield by borrowing against their incentivized, yield-bearing assets and re-depositing them via automated “looping” strategies. For instance, Yield Yak takes advantage of Benqi’s BOOST participation to maximize native yield from lending, as well as the incentivized yield from both borrowing and lending. As a BOOST partner, DeltaPrime is able to maximize net yields for users even further by offering additional AVAX incentives for depositors in its leveraged farming strategies.

This multi-layer incentive structure has been especially beneficial for DeltaPrime, which has seen its TVL grow by ~179% since the start of July as of this writing. It is worth noting that while leveraged farming protocols contribute to deeper liquidity within DeFi ecosystems, they also introduce additional risks for users due to the use of leverage and the integration of multiple protocols, each with its own underlying safety assumptions. Recently, on September 16th, DeltaPrime’s Arbitrum deployment was exploited for ~$6 million due to a private key compromise, incurring losses for users who would have otherwise been unaffected if they had only used the underlying protocols. Thus far, the exploit does not seem to have impacted DeltaPrime on Avalanche, which has a time lock on contract owners as an extra safety feature.
DEXs
Aside from lending protocols, perhaps the most important sources of liquidity in the Avalanche ecosystem are its DEXs, which are essential for facilitating trading both on the C-Chain and on Avalanche subnets. Trader Joe is the most dominant DEX in the Avalanche ecosystem in terms of both liquidity and volume and is a key participant in the ongoing BOOST program. AVAX rewards are distributed to LPs for select pools on Trader Joe and are adjusted weekly in terms of amount and pool allocation.

Based on on-chain data visualized in the chart above, we can see that Trader Joe has distributed an average of ~3082 AVAX, equivalent to ~$75.4K per week in BOOST incentives since the start of the program in early July. This amounts to a total of ~33.9K AVAX, or ~$830k, in incentives distributed to LPs on the platform thus far. Incentives were initially allocated to 13 liquidity pools in the first week of the program and have since been expanded to 19 pools, including stablecoins, wrapped L1 tokens, liquid-staking tokens (LSTs), and long-tail assets. The Trader Joe team’s strategy for the BOOST campaign is centered around incentivizing its concentrated liquidity pools, with rewards only accruing to positions within active price ranges. In theory, this encourages LPs to set tighter price ranges for liquidity, which should result in lower slippage for users as well.

Trader Joe’s BOOST incentives are mostly targeted at stablecoin pairs, with the USDT-USDC pool receiving the largest allocation of AVAX for the week of September 16th. The five pools receiving the 2nd-largest allocation for the week include two stablecoin pairs (AUSD-USDT and AUSD-USDC), two BOOST participant token pairs (QI-AVAX and JOE-AVAX), and one memecoin pair (COQ-AVAX). Agora Dollar (AUSD) is a fiat-backed stablecoin launched by the asset-tokenization protocol Agora and has already grown to a market cap of ~$21 million in the Avalanche ecosystem since deploying there on August 27th, thanks in part to its partnership with Trader Joe and Benqi. If we break down Trader Joe’s BOOST distribution further from the perspective of rewards yield, we can see how Trader Joe’s strategy also aims to support the growth of key tokens in the ecosystem that have relatively less liquidity.
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Among pools with at least $100K in liquidity (thus excluding low-liquidity memecoins), the AVAX-BTC.b and sAVAX-AVAX pairs are receiving the most incentives relative to pool liquidity for the week of September 16th. This points to a deliberate effort to improve liquidity for liquid-staked AVAX (sAVAX) and Bitcoin (BTC.b) in the Avalanche ecosystem. Overall, the BOOST campaign appears to have been beneficial for liquidity on Trader Joe, with TVL growing by ~$27.3 million since the start of July, for a gain of ~38%.

GMX, another popular DEX on Avalanche, has also benefited from its participation in the BOOST campaign over the past ~2.5 months. GMX offers AVAX incentives for 10 liquidity pools on its platform, in addition to reduced trading fees for the duration of the program. Since the start of July, TVL in GMX has grown by ~$16.6 million for a gain of ~32%.

One of the smaller exchanges in the Avalanche ecosystem, Pharaoh, has seen an outsized benefit from incentivizing liquidity through the BOOST program. Although its current TVL of ~$15.9 million is several times lower than Trader Joe’s, it has grown by ~$14.3 million for a gain of ~863% since July alone. Pharaoh represents an interesting case where incentives can be especially effective due to the exchange’s lesser popularity in the ecosystem, which likely received a boost from its partnership with the Avalanche Foundation as well.
Taking a look at monthly volumes across spot DEXs on Avalanche also reveals that Pharaoh has been able to grow its market share from just ~1.2% in January to a high of ~9.4% in July and ~8.2% in August. As of now, Trader Joe continues to dominate the market in terms of trading volumes, reaching consecutive YTD highs of ~68.4% and ~73.8% in July and August, respectively.

Monthly DEX volumes in the Avalanche ecosystem remain well below their March peak of ~$9.3 billion, but August’s total of ~$2.8 billion marks the highest monthly volume since the start of Q2 2024, which can likely be attributed to the BOOST program’s liquidity incentivization beginning in July, at least in part. One DEX that appears to have been negatively impacted by the increased trading volume on Avalanche C-Chain is Dexalot, which runs on its own Avalanche subnet.

In June, DEX volumes on Dexalot reached a peak of ~$478 million, surpassing all other DEXs on Avalanche C-Chain with the exception of Trader Joe. With the launch of the BOOST campaign in July, Dexalot’s volumes have since declined noticeably, with a total of ~$398 million in July and ~$195 million in August. In this case, the recent shift in user attention to C-Chain DEXs may have played a role in this decline, which is further exacerbated by the fragmentation of liquidity between C-Chain and the Dexalot subnet. Still, Dexalot’s ability to maintain relatively high DEX volumes in the past few months - with the help of ongoing incentives from the Avalanche Foundation and Benqi - is an indication that subnets may start to play a larger role in the broader Avalanche ecosystem in the future.
Stablecoins
One final indicator worth examining is the supply of stablecoins in the Avalanche ecosystem. Since the beginning of July, Avalanche’s stablecoin market cap has grown from ~$1.69 billion to ~$2.14 billion as of this writing for a gain of ~27%, or ~$458 million.

This growth is a notable sign of new capital inflows to the Avalanche ecosystem, given that USD-backed stablecoins like USDT and USDC are the most common unit of account amongst crypto traders and users in general. As such, stablecoins are also a key component of liquidity in DeFi and serve as a useful indicator of ecosystem stability and user interest. Overall, the Avalanche Foundation’s BOOST program appears to have played an important role in supporting liquidity within the Avalanche ecosystem in recent months based on the metrics discussed in this report. The continued influx of stablecoins - largely consisting of USDT and USDC - only provides further confirmation of the program’s impact.
Incentives can be a highly effective way to attract user attention and capital, but the most important factor going forward is whether the Avalanche ecosystem can continue to sustain and grow its overall liquidity, especially if incentives start to wind down over time. As we have seen with protocols like Trader Joe, it will be important for teams to be strategic and adaptive with respect to the amount of incentives given, as well as the assets and users they intend to support with incentives. Ultimately, one of the key goals for the Avalanche ecosystem in the coming months will be to build enough stable liquidity across its many DeFi protocols such that it can become self-reinforcing and conducive to further user growth over the long term.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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多样化是加密货币世界的关键，展望 2024 年，Tron (TRX)、Binance Coin (BNB) 和 Mpeppe (MPEPE) 凭借其独特的品质和在各种市场条件下稳定增长的潜力，正在成为严肃的加密货币投资者的必备资产。 #opbnb

The blockchain native market maker CKS Systems unveiled Manifest, an on-chain orderbook built on Solana.
Manifest's primary contributors have been Maximilian Schneider, Britt Cyr and John Kramer. Respectively, they are the founder of the DEX Mango Markets, CTO of the web3 options platform Dual Finance and Head of Trading at CKS Systems. The three collaborate to bolster liquidity on Solana and associated platforms such as Manifest, Kramer told The Block via email.
Manifest lets liquidity providers place unlimited orders across markets by deploying Global Orders, which enables multiple simultaneous bids and offers using the same funds, according to a release shared with The Block. The platform also eschews trading fees and permits order book proliferation by letting users easily list new token markets.
Manifest also introduces a data structure called HyperTree, which, according to its whitepaper, permits "orders of magnitude more efficient key-value data storage on the Solana Virtual Machine (SVM). A layered architecture allows the core matching engine to be formally verified without compromising on features."
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"Manifest finishes what Uniswap started — a high-performance, capital efficient crypto exchange is finally fee-less and fully on-chain," Kramer said in a statement.
Manifest is currently on devnet and is awaiting public launch on the Solana mainnet. The platform aims to integrate services with other protocols, such as swaps on the Solana DEX aggregator Jupiter and trading on Mango Markets.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
#opbnb

İki həftəlik fasilədən sonra, MakerDAO çox imzalı ünvanı 500 MKR-ni 0x1cC...A5825 ünvanına beş saat əvvəl köçürdü, bu da Binance-a yatırıldı, dəyəri 1.4 milyon dollar. Bildirilir ki, bu ünvan son üç ayda cəmi 13,650 MKR köçürüb, təxminən 38.46 milyon dollar, mübadilə üçün ortalama depozit qiyməti $BTC #opbnb

Coinglass məlumatları göstərir ki, bütün şəbəkədə BTC futures müqavilələrinin açıq mövqeyi 51.96 min BTC, təxminən 336.58 milyard ABŞ dolları, 24H düşüşü 2.44%.
CME BTC müqavilələrinin açıq mövqeyi 16.16 min BTC (təxminən 104.52 milyard ABŞ dolları) ilə birinci yerdədir;
Binance BTC müqavilələrinin açıq mövqeyi 11.51 min BTC (təxminən 74.59 milyard ABŞ dolları) ilə ikinci yerdədir, 24H düşüşü 6.49%. #opbnb

Bitwise-in spot Ethereum ETF rəsmi saytına görə, Bitwise-in spot Ethereum ETF-nin ETH portfel ünvanı (23 iyul tarixinə olan) belədir:
0xa15c9d4aF12d42c612D5a7445d76f5cC3aC92A69；0xEd9258097cC80e1E6eBF2c9B132Eb135C81bb4eF；0x3339AAD5f1a0CC95d6Dee6DDF10b444F080c7cB5；0x7716d9e70779ee3d2580DccA818521A85E59eec8；0x6F28ebf3170AA00Bfdf7131A4635a04976c657Ed. #opbnb

İnvestisiya bankı TD Cowen analitikləri gələn il ABŞ kriptovalyuta qanunvericiliyinin qəbuluna daha reallıqla yanaşmağı tövsiyə edirlər.
TD Cowen Vaşinqton Tədqiqat Qrupu Maliyyə Xidmətləri Direktor Müavini Jaret Seiberg bildirdi ki, kriptovalyuta bazar strukturu qanunu FIT21 və Senat Kənd Təsərrüfatı Komitəsi qanunu siyasi durğunluq riskini artırır.
Seiberg dedi: “Biz bu optimizmin səhv olduğunu düşünürük, çünki inandığımız budur ki, bu il iki qanunun səsvermə perspektivləri azalmaqdadır. Gələn il bu qanunların siyasi cəhətdən bloklanma riski daha da artır, seçki nəticələrindən asılı olmayaraq, biz gələn ilki seçki nəticələrinə də skeptik yanaşırıq. Bunun səbəbi, iki tərəfin də sənayəyə fayda gətirənək daha çox ianə almaq istəməsidir.”

Federal Reserve səsi Nick Timiraos: Cümə günü Federal Rezerv rəsmilərinin iclasdan əvvəlki sükut dövrünə girmək üçün son günüdür. Federal Rezervin Williams və Federal Rezerv İdarə Heyətinin üzvü Waller, məşğulluq hesabatı açıqlanandan sonra çıxış edəcək, bu, yaxınlaşan iclas üçün gözləntiləri müəyyən etmək üçün son fürsətdir. İqtisadi artımın və inflyasiyanın yavaşlaması ilə, Federal Rezervin faiz dərəcələrini indiki 5.3%-dən 4.5%-ə qədər azaltması daha məntiqlidir. İyul ayında məşğulluğun zəif olmasının avqustda davam edəcəyini göstərən heç bir işarə yoxdursa, bəzi Federal Rezerv rəsmiləri 50 bəndlik kəskin faiz endiriminə qarşı çıxa bilər. Lakin iyul iclasında faiz endiriminə açıq olan rəsmilər, əgər işsizlik nisbəti yenidən yüksələrsə və məşğulluq artımı daha da yavaşlayarsa, sentyabr ayında 50 bəndlik faiz endirimini dəstəkləyə bilərlər, buna daha geniş dəstək alacaqlar. (Jin Shi) #opbnb

IntoTheBlock X-dəki bir məqalədə ABŞ hökumətinin yaxınlarda Silk Road adlı qaranlıq vebdən 600 milyon dollar dəyərində Bitcoin ələ keçirdiyini və bunu Coinbase Prime-ə köçürdüyünü bildirdi. Bir mübadiləyə depozit qoymaq adətən satış etməyi nəzərdə tutsa da, bu köçürmə mühafizə məqsədli ola bilər. ABŞ hökuməti ilə bağlı çantalar hələ də təxminən 1.2 milyard dollar dəyərində Bitcoin saxlayır.
#opbnb

Arkham 在 X 平台发文称，特斯拉暂未抛售持有的比特币，该公司仍持有 2021 年 1 月下旬以约 32,000 美元的价格购得的 1.15 万枚 BTC，而且已经持有超三年时间，目前已增值 3 亿美元。 #opbnb

WalletConnect, a web3 communications protocol that connects crypto wallets to decentralized applications, is set to launch its native Connect Token (WCT) on Optimism's OP
-0.30%
Mainnet, an Ethereum Layer 2 network. The token will also be airdropped to users.
"WCT marks a significant milestone in the WalletConnect Network's decentralization roadmap and will be the driving force behind the economic and governance structure of the Network," WalletConnect said Tuesday. "Registration for the WCT airdrop will open on September 24. The airdrop eligibility structure is based on use of the WalletConnect Network."
WalletConnect Inc. has rebranded to Reown, focusing on user experience, and will continue to be led by CEO Jess Houlgrave.
The WCT token will have an initial supply capped at 1 billion, with 18.5% — or 185 million tokens — allocated for airdrop season 1, Houlgrave told The Block. The airdrop will include WalletConnect end users, as well as wallets, apps, nodes, software development kits and communities that have contributed to WalletConnect's success, Houlgrave said.
To participate in the WCT airdrop, users must register by connecting their wallets, linking their GitHub accounts and providing an email address, Houlgrave said. Eligibility requires an Ethereum address, active WalletConnect engagement or contributions to open-source projects, with sanctioned wallets or IP addresses disqualified, Houlgrave added. The airdrop for season 1 will conclude on Oct. 11, at which point token distribution will occur, following an evaluation of historical engagement. Any unclaimed tokens will be reallocated to future airdrop seasons. Those not qualified for Season 1's airdrop may have opportunities to qualify in subsequent seasons, Houlgrave added.
Initially, WCT tokens will be non-transferable to ensure focus on network functionality, stability and ecosystem development, according to Houlgrave. Transferability might be enabled later through community governance. While tokens can be used for governance and staking, they cannot be transferred between wallets until full functionality is activated by 2025, Houlgrave added.
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WalletConnect Foundation's formation
With the launch of the WCT token, the WalletConnect Network will begin transitioning to a permissionless structure governed by the community. The newly formed WalletConnect Foundation will oversee the WalletConnect protocol and ensure the network's growth, security, decentralization and ecosystem expansion.
Consensys, Kiln, Ledger, Luga Nodes, 1kx, Figment, and Sensei Nodes are part of the initial third-party node operators, WalletConnect said.
Pedro Gomes, the founder of WalletConnect, will join the foundation as director, accompanied by Yessin Schiegg, who will serve as CFO of the WalletConnect Foundation. Schiegg was previously a board member at the Ethereum Foundation and most recently the CFO of the Near Foundation.
"Since WalletConnect's inception in 2018 the goal was always for it to become critical and decentralized infrastructure for the new internet, with the addition of WCT we are making that goal a reality," Gomes said in a statement. "The WalletConnect Network has experienced 240% growth in the past 12 months [and facilitated 150M connections since launch], WCT will incentivize even more growth and bring in even more partners."
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
#opbnb

SUI LightCoin-un 140% artımıdır, genişlənmə və sürət problemlərini həll edən qat şəklində bir blok zənciridir. #opbnb

Bitcoin BTC
+6.14%
and the broader digital asset market are poised for a sustained boost following the U.S. Federal Reserve’s recent decision to cut interest rates by 50 basis points, according to Standard Chartered's Geoff Kendrick.
The bank's head of forex and digital assets research suggested that macroeconomic factors will drive digital asset prices higher, irrespective of the outcome of the upcoming U.S. presidential election in November.
Interest rate cut and market impact
Kendrick highlighted that bitcoin and other digital assets are performing strongly after Wednesday's Federal Open Market Committee’s (FOMC) rate cut.
"Post the FOMC meeting and digital assets are at the top of the pack in terms of performance, for the first time in a while. This comes despite Polymarket today showing a 52/47 lead for Kamala Harris," Kendrick noted in an email on Thursday. He attributes this positive performance to macroeconomic drivers beginning to outweigh election-related uncertainties.
Kendrick asserts that the impact of the U.S. presidential election on bitcoin’s price is less significant than it was in the past.
RELATED INDICES
"While the U.S. election is important, macro drivers are starting to take over," he said. Kendrick indicated that he is monitoring the difference between short-term and long-term U.S. Treasury yields as an indicator of market conditions that are beneficial for digital assets. "I watch the U.S. 2s10s curve, and a steeper U.S. yield curve is digital asset positive," he added.
Since July 2022, the spread between yields on the two Treasury bonds has been negative (or "inverted"). Markets took that to mean a recession was looming. However, the spread began to turn positive again at the end of August.
Also supporting bitcoin's price, according to Kendrick, could be increased investment in spot bitcoin exchange-traded funds (ETFs) in the near future. "Watch for renewed spot bitcoin exchange-traded fund inflows in October," he added.
However, he emphasized that these predictions are contingent on ongoing positive macroeconomic factors rather than political outcomes. Kendrick then reiterated his previous prediction that bitcoin will reach new all-time highs by the end of the year, with potential targets of $125,000 if Donald Trump wins and $75,000 if Kamala Harris wins.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
#opbnb