A high leverage ratio reflects growing bullish sentiment as traders increase their margin positions on BTC.
- Bitcoin could create a new all-time high in Q4 with a rally driven by multiple catalysts.
- However, profit-taking activities might continue to stifle the short-term rally.
Bitcoin [BTC] traded at $63,663 at press time after an 8% gain in the past seven days. As the last quarter of the year draws near, speculation is rife that the largest crypto could be on course to create a new all-time high.
In its weekly report, 10x Research outlined three key factors that could see Bitcoin surpass $73,000 in the coming months.
The first is the US presidential elections set for the 5th of November. This political event could spur positive momentum in the market. The report also mentions the distributions to FTX creditors as another possible catalyst to Bitcoin’s rally as the process will coincide with a bull market. The report stated,
“FTX creditors are expected to distribute $16 billion to customers between December 2024 and March 2025, with the market likely front-running this expectation. We anticipate $5-8 billion to flow back into the crypto space,”
Thirdly, MicroStrategy has raised more funds to fund its Bitcoin purchases. This raise could trigger a surge in demand for Bitcoin.
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Donald Trump Introduces His Own Coin, But It’s Not What You Think
The former U.S. president is set to launch his new coins on Wednesday, but it’s not what crypto users expect.
Republican presidential candidate Donald Trump has announced a new coin to raise cash for his electoral campaign.
Dubbed the “President Trump First Edition Silver Medallion,” the project aims to give silver to Americans who support the Republican presidential aspirant. However, crypto users still expect Trump to roll out an official crypto asset for his electoral push.
Trump to Launch New Coin
The presidential candidate noted in a recent announcement that the incoming coins will sell for $100 per unit via the RealTrumpCoins.com website. He explained that the digital asset is coined from 99.9% fine silver. The “limited-edition” coin portrays Trump’s face on one side and the White House with the saying, “In God We Trust,” on the other side.
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Kamala Harris Promises to Encourage Crypto in Surprising Campaign Shift
United States Vice President Kamala Harris has vowed to foster investments in the crypto industry as part of her latest effort to woo voters.
The presidential candidate pitched her economic agenda to donors in New York City on Sept 22, stating that she wants to support innovation in artificial intelligence and crypto and focus regulations on protecting consumers and investors.
The Democrat stated that she would bring together small business founders, innovators, and major companies to “invest in America’s competitiveness, to invest in America’s future.”
She then mentioned crypto assets for the first time in public, according to Bloomberg:
“We will encourage innovative technologies like AI and digital assets while protecting our consumers and investors.”
According to Reuters, Harris plans to roll out a new set of economic policies this week.
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