The last two months of 2024 are approaching, with BTC prices fluctuating below $70,000. Although there are many challenges to overcome in order to break through this psychological resistance level, BTC has the potential to surpass the $70,000 mark by the end of the year, and developments in the U.S. political landscape will further influence market sentiment.
User FOMO Kicks In, Increased Inflows into BTC Spot ETFs
Under the combined influence of favorable earnings reports from BlackRock and macroeconomic factors, market inflows into BTC spot ETFs have been steadily increasing recently. According to data disclosed by Cointelegraph on the X platform, on October 17, BlackRock's BTC exchange-traded fund IBIT purchased $311.7 million worth of BTC, and the total inflow for IBIT this week has approached $1 billion.
Probability of Trump Winning the 2024 U.S. Presidential Election Rises, Historical Governance Philosophy Favorable for Crypto Assets
Polymarket data shows that the probability of Trump winning the 2024 U.S. presidential election has risen to 61.7%, while Vice President Harris's probability stands at 38.2%. If Trump were to return to the presidency in 2025, multiple sectors of the U.S. economy would be significantly impacted, including crypto assets like BTC. Trump's previous term was characterized by policies that supported business, skepticism towards the Federal Reserve, and the promotion of populist rhetoric, all of which provided a favorable environment for BTC's growth. Although Trump has previously criticized crypto assets, several economic and policy trends related to his governance plan would benefit BTC.
Trump's previous term was known for promoting economic growth by relaxing government regulations across various industries. He supported the repeal of financial regulatory policies enacted after the 2008 financial crisis. This overall stance is favorable for BTC and the entire crypto asset market, which views regulation as a constraint on innovation and growth.
If Trump Continues His Tax Policies, BTC Investors May Profit
Trump's tax policy design favors business and investment, implementing significant tax cuts for corporations and the wealthy. According to Trump's 2017 Tax Cuts and Jobs Act, the corporate tax rate was reduced from 35% to 21%, and capital gains taxes for investors were also cut. If he adopts a similar approach to tax policy in his second term, BTC investors will benefit.
Last week, we noticed that investors had not yet begun to position themselves for a potential Trump victory, after which Bitcoin experienced a significant 8% increase. As the probability of Trump's victory rapidly climbs, we are increasingly likely to see a stronger return for BTC.
The above opinions are partly sourced from Matrix on Target, contact us** for the complete report from Matrix on Target.**
Disclaimer: The market carries risks, and investment should be approached with caution. This article does not constitute investment advice. Trading in digital assets may involve significant risks and volatility. Investment decisions should be made after careful consideration of personal circumstances and consultation with financial professionals. Matrixport is not responsible for any investment decisions made based on the information provided herein.
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