– Ripple co-founder Chris Larsen announced that he had donated $10 million in XRP to Democratic presidential candidate Kamala Harris. This is not his first donation to the vice president’s campaign. On August 1, he contributed $1 million to her fund, which was one of the earliest cryptocurrency donations supporting Harris’ candidacy at the time.
It is worth noting that some members of the crypto community criticised the Ripple co-founder’s actions. Let’s not forget that Harris’ opponent, Donald Trump, shows more explicit support for the crypto industry, promising to fire SEC Chairman Gary Gensler if re-elected and make the US a global centre for bitcoin mining.
– On Monday, October 21, the main cryptocurrency reached a 3-month high, hitting $69,502. This surge was largely driven by growing speculation surrounding Donald Trump’s chances in the upcoming US presidential election. According to the cryptocurrency forecasting service Polymarket, Trump has a 60.7% chance, while Harris stands at only 39.1%. However, it is important to note that the opinion of the crypto community does not necessarily reflect that of all US voters. Nonetheless, the likelihood that bitcoin will surpass its all-time high of $73,743 before the election due to the hype is quite significant.
– There are only a few days left until the US presidential election, which is scheduled for November 5. Many analysts believe that a Trump victory would push bitcoin to new heights, creating the so-called “God candle.” This confidence is fuelled by Trump’s promises to make the leading cryptocurrency almost a new symbol of the United States. Last month, Standard and Chartered Bank analysts predicted that his victory could push bitcoin to $125,000, while a Harris victory might also boost it, but only to $75,000. The well-known brokerage and research firm Bernstein reached a similar conclusion.
If Trump wins, a huge green “God candle” could appear simply due to the strength of market sentiment. Analysts remind us that over the years, bitcoin has formed several such epic daily candles. The largest “God candle” was recorded on April 10, 2013, when bitcoin’s price soared from just under $20 to $290 (a 115% increase in one day). Another impressive surge occurred when Elon Musk’s Tesla invested part of its funds in bitcoin. After that, on February 8, 2021, digital gold saw an instant price increase of 22.4%. Experts believe that if Trump wins, the candle could fall within the indicated range. However, this does not mean that it will stay there. It is quite possible that the BTC/USD quotes will quickly correct in either direction.
– Several analysts are pointing to signs of an impending parabolic growth phase for bitcoin, during which the flagship cryptocurrency could rise to $240,000. Experts at the analytics firm CryptoQuant note that crypto whales are now behaving exactly as they did in 2020 after BTC prices collapsed at the onset of the COVID-19 pandemic. Just like four years ago, they are actively buying coins, anticipating the start of a bull rally.
Moreover, stablecoin reserves appear to be nearing zero. An analyst known by the pseudonym Doctor Magic recorded a decline in the capitalisation of leading stablecoins – Tether (USDT), USD Coin (USDC), and Dai (DAI) – which began in September 2024. This indicates that traders are exchanging stablecoins for fiat currency and using the proceeds to purchase bitcoin and other top digital assets.
Thus, if the parabolic growth scenario plays out, bitcoin could reach $240,000 by late spring or early summer of 2025, more than 3.5 times its current value.
– Well-known analyst and head of MN Trading, Michael Van De Poppe, believes that before skyrocketing, bitcoin could fall to the $64,000–$65,000 range. According to him, this potential drop could be used as a “maximum buy-the-dip opportunity,” as this zone represents a favourable entry point for investors looking to benefit from the next bitcoin pump.
Van De Poppe remains quite optimistic about BTC’s long-term prospects. He believes that this potential dip could be the last significant correction before the coin takes off towards a new all-time high (ATH). Van De Poppe also suggests that this ATH could coincide with the upcoming US elections or the next Federal Reserve meeting. Both events are pivotal for financial markets, including the digital asset market.
– Not long ago, SEC (Securities and Exchange Commission) Chairman Gary Gensler twice offended the crypto industry. First, he stated, “We have to resort to enforcement actions to [through the courts] bring people back to the right side.” Soon after, he quoted Gresham’s law, saying, “Bad money drives out good.” Of course, it is hurtful when cryptocurrencies are labelled as “bad,” and crypto supporters as people on the “wrong side.” The backlash was swift: the exchange Crypto_com filed a lawsuit against the SEC, accusing the Commission of overstepping its authority and thus now being outside the law.
But that wasn’t the end of it. Representatives of the industry now want to punish Minneapolis Federal Reserve Bank President Neel Kashkari for his outrageous lies about cryptocurrencies. This official found himself at the centre of a scandal, claiming that cryptocurrencies are used “almost exclusively” for drug purchases and other illegal activities. (Earlier, in May of this year, Kashkari had called crypto assets “a load of nonsense.”)
The crypto community responded swiftly. “Being this wrong should be a crime,” said Castle Island Ventures partner Nic Carter on social network X. Brown Rudnick partner Hailey Lennon joined the criticism, saying that legitimate crypto projects, on the contrary, use advanced anti-money laundering systems, while drug dealers prefer cash.
It is worth noting that according to a Chainalysis report, in 2023 only 0.34% of digital transactions were related to illegal activities. Moreover, this figure has fallen nearly fourfold since 2019. But will such statistics force Neel Kashkari to apologise to the crypto industry? Or will it be left to the American court?
– As calculated by Bloomberg Senior ETF Analyst Eric Balchunas, since the launch of spot bitcoin ETFs in the US in January 2024, European investors have invested more than $105 billion in these funds. However, despite the record inflow of funds from European investors, BTC has not been able to rise above the important psychological level of $70,000, which was last recorded on July 29, 2024. Bitfinex analysts explained this as a delayed effect. In their opinion, it may take several days before the inflow of funds into ETFs affects the spot price of digital gold.