On October 25th, the cryptos market showed volatility, with bitcoin holding above $67,000. As of the time of writing, $Bitcoin (BTC.CC)$ the price dropped by 0.89% to $67,579.69; $Ethereum (ETH.CC)$ the price dropped by 1.76% to $2,488.6.
Key Focus
Standard Chartered analyst predicts that on the day of the US presidential election, Bitcoin may break through $73,000.
Standard Chartered Bank analyst Geoff Kendrick predicts that on the day of the US presidential election, Bitcoin may break through the historical high of $73,000, so by the end of this year, the value of Bitcoin may reach $125,000. This forecast is based on an analysis of Bitcoin derivatives and trading volume. Kendrick states that if Donald Trump wins the election,option pricesPotential increase of about 4%, with the total price potentially increasing by 10% in the following days. In addition, outstanding call options contracts expiring on December 27th with a strike price of $80,000 suggest that the price may quickly approach this level.
MicroStrategy's stock price hit a new all-time high.
The largest corporate holder of Bitcoin, MicroStrategy, rose by 10.25% in US stocks, reaching $235.89, with a 21.96% increase over the past 5 trading days, a 39.91% increase in October, and a 273.47% increase year-to-date.
Microsoft's shareholder meeting in December will consider a proposal to invest in Bitcoin, the board of directors recommends voting against it.
According to The Block, Microsoft will include the proposal to evaluate investment in bitcoin as a voting item at its annual shareholder meeting on December 10. The proposal was put forward by the conservative think tank The National Center for Public Policy Research, but the board of directors has recommended that shareholders vote against the proposal, stating that it is 'not necessary,' and indicating that the company's management has 'carefully considered' the relevant issues.
Microsoft stated in documents filed with the U.S. Securities and Exchange Commission that its global finance team regularly evaluates various investment assets, including cryptocurrencies, for diversification and risk management. Although bitcoin has been considered in the past, the board of directors has not made any further investment decisions at the moment due to factors such as volatility. If the proposal is approved, Microsoft will become the largest publicly traded crypto investment company, surpassing MicroStrategy and Tesla.
Analysis: The upward trend in gold needs to pause for Bitcoin's price to break through historical highs.
According to CoinDesk analysis, traders looking to understand when bitcoin may hit a new all-time high should consider the gold price charts. Historical data from 2020 indicates that once the bullish momentum of gold weakens, bitcoin is likely to surge to new highs. In 2020, gold led bitcoin higher and set a new all-time high in August 2020; BTC followed suit in December of the same year. BTC has been fluctuating between $50,000 and $70,000 since April, with various cryptocurrency-specific factors and macro factors continuing to limit its upside potential.
Meanwhile, the price of gold soared by over 20% during the same period, reaching a new high of over $2,700. Gold has risen by 37% this year. Silver prices, on the other hand, have risen by 43% this year, nearly touching $35 on Tuesday, marking the highest level in 12 years. This pattern is similar to the situation in 2020 when gold led the rise in bitcoin. Therefore, based on past experience, a pause in the upward trend of gold could pave the way for increased demand for BTC. Nevertheless, whether history will repeat itself remains uncertain, and so far, gold has not shown signs of a drying up in its upward trend or a slowdown in demand. Over the past seven trading days, inflows into gold ETF products have exceeded 1 million ounces, reaching the highest level since October 2022. During the same period, inflows into U.S. bitcoin ETFs amounted to $2 billion.
Meanwhile, iShares Bitcoin Trust saw a net inflow of $1.7 billion during the same period. However, not all inflows are directional holdings; according to Sui Chung, CEO of crypto index provider CF Benchmarks, 60% of the recent inflows are directional holdings, while the remaining 40% are made up of base trades.
The Hong Kong Securities and Futures Commission interacts and exchanges views with the securities industry on regulatory trends and relevant topics such as virtual assets.
On October 24, the Securities and Futures Commission of Hong Kong held a seminar at its headquarters to maintain interaction with the industry and further discuss the main challenges and opportunities faced by the industry. During the seminar, the Securities and Futures Commission shared proactive measures it has introduced to promote the continuous growth and stability of Hong Kong's capital markets, as well as recent developments in virtual assets, comprehensive fund platforms, and RMB fixed-income instruments. The Securities and Futures Commission also provided attendees with recent data on licenses, securities markets, investment product sales, asset and wealth management, outlining the current state of the capital markets.
Circle CEO: Stablecoin market size may expand to 5 to 10 trillion USD within the next ten years, accounting for 5% to 10% of the global money supply.
According to CoinDesk, Circle CEO Jeremy Allaire stated in an interview that the stablecoin market size may expand to $5 to $10 trillion within the next ten years, representing 5%-10% of the global money supply. He believes that stablecoin technology will become a core component of the global financial system, already demonstrating significant potential in developing countries and cross-border payments. Allaire pointed out that 2025 will be a key point for stablecoin regulation, with G20 countries and many emerging markets expected to introduce relevant regulations. Despite Circle's focus on mature markets, the application of USDC in emerging markets is also growing, especially among fintech companies in Latin America and Southeast Asia. Allaire emphasized that Circle plans to proceed with the listing regardless of the election results to enhance transparency and compliance.
If the Republican Party controls the US Congress, Standard Chartered Bank expects bitcoin to skyrocket to 0.125 million USD.
Standard Chartered Bank analyst Geoff Kendrick predicts that if the Republican Party controls the US Congress after the November 5th election, the value of bitcoin could reach 125,000 USD by the end of this year.
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