Standard Chartered, the giant British bank Standard Chartered, which has taken many positive steps on cryptocurrencies in recent years, has once again published an important report on this area. Analysts led by Geoff Kendrick stated that they expect rally in Bitcoin, regardless of the US presidential election.
In the report prepared by the unit responsible for foreign exchange and digital assets, it was stated that the rises in cryptocurrencies may increase further in the coming period and that macroeconomic factors are thought to be behind these movements.
“They strengthened after the Fed”
In the report in which Kendrick shared his analysis, the Fed’s 50 basis points big discount was mentioned and the following statements were used:
“After the Fed meeting, we saw significant rises in cryptocurrencies for the first time in a while. This even happened despite the fact that Kamala Harris had a 52% to 47% lead over Trump in Polymarket. Macroeconomic developments are pushing prices higher, leaving the uncertainties of the US elections behind. This will also be the case in the coming period. US elections will be less important for the Bitcoin price from now on, unlike in the recent past. US elections are also important, but the macroeconomic trajectory has started to take control.”
“Bonds back to normal”
Stating that the yield difference of short and long-term US bonds has reversed since 2022, but this trend has recently become ‘normal’ again, Kendirck stated that thissituation is positive for cryptocurrencies.
As it is known, the return on long-term bonds is generally higher than short-term bonds. While the fact that long-term bonds contain more risk is shown as the main reason for this situation, returns have reversed since 2022. In other words, the yield on short-term US bonds had become higher. Analysts were stating that this could be a sign of recession
Recently, the return of this situation to ‘normal’ has also reduced recession fears. here Kendrick states that this return to normal will be better for cryptocurrencies.
$80,000 analysis did not hold
Bank analysts had predicted a price of $80,000 for August at the beginning of the summer, but Bitcoin fell to $49,000, especially after the surprise interest rate hike by the Japanese central bank.
The largest cryptocurrency exceeded $64,000 this morning.