The post Standard Chartered Eyes New High Of $73,800 Pre-US Election appeared on BitcoinEthereumNews.com.

Este artículo también está disponible en español. Bitcoin has recently shown significant momentum, reaching its highest level since July, briefly touching $67,900 and recovering 7%. This surge follows a dip to $58,900 at the end of last week, further fueling bullish sentiment among investors optimistic about the cryptocurrency’s potential to reach new heights before the end of the year. However, according to research from multinational bank Standard Chartered, this optimistic outlook may be realized even sooner than expected.  Key Factors Behind BTC’s Price Surge Geoff Kendrick, the head of digital asset research at Standard Chartered, recently estimated that the Bitcoin price could hit $73,800 ahead of the US presidential election on Tuesday November 5 , representing a 10% increase from current levels. particularly in relation to one of the largest public BTC holders, MicroStrategy, which recently increased its holdings to 252,000 BTC, led by the vision of co-founder and renowned Bitcoin bull Michael Saylor.  Related Reading Historically, MicroStrategy and Bitcoin have traded in tandem; however, Kendrick notes that MicroStrategy’s stock has recently outperformed Bitcoin, suggesting a developing premium that could drive Bitcoin prices higher in the coming days. Two key factors underpin this bullish outlook. The first is the news, reported by Bitcoinist last month, that BNY Mellon has received an exemption from SAB 121, a regulation that requires financial institutions to list cryptocurrencies on their balance sheets.  Kendrick explains that such regulatory relief is often seen as a positive signal for the broader Bitcoin market, potentially encouraging wider institutional adoption and therefore acting as a bullish catalyst for the ongoing rally seen in recent days. The second factor relates to MicroStrategy’s declared intention to evolve into a “Bitcoin bank,” which would involve offering Bitcoin capital market instruments. Kendrick believes that future exemptions could enable the firm to generate yield…

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Filed under: News - @ October 15, 2024 8:17 pm