{"id":583320,"date":"2024-10-03T08:11:38","date_gmt":"2024-10-03T08:11:38","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=583320"},"modified":"2024-10-03T15:13:57","modified_gmt":"2024-10-03T15:13:57","slug":"bitcoin-may-drop-below-60k-this-week-on-middle-east-tensions-but-its-a-buy-as-trumps-odds-rise-standard-chartered","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-may-drop-below-60k-this-week-on-middle-east-tensions-but-its-a-buy-as-trumps-odds-rise-standard-chartered","title":{"rendered":"Bitcoin May Drop Below $60K This Week On Middle East Tensions, But It’s A Buy As Trump’s Odds Rise: Standard Chartered"},"content":{"rendered":"

Rising tensions in the Middle East may push <\/span>Bitcoin<\/span><\/a> below $60K before this weekend, presenting a buying opportunity for investors due to Donald Trump’s rising chances of winning the US election, Standard Chartered said.<\/span><\/p>\n

“Risk concerns related to the Middle East seem destined to push bitcoin below $60,000 before the weekend,” said Geoff Kendrick, Standard Chartered’s global head of digital assets research, in a research note. <\/span><\/p>\n

He added that $80,000 call options and the “circularity vis-à-vis Trump probabilities” suggest this dip “should be bought into.”<\/span><\/p>\n

\"What<\/p>\n

Middle East Conflict Might Boost Bitcoin’s Post-Election Outlook<\/span><\/h2>\n

Kendrick noted that Trump’s <\/span>Polymarket<\/span><\/a> odds of winning the election have risen by 1%, while his political rival and Vice President Kamala Harris has seen her chances drop by an equal amount on the decentralized betting platform. Bettors now put the odds of a Harris victory at 49%, while Trump’s chances of victory stand at 50%.<\/span><\/p>\n

The Standard Chartered analyst said that the conflict in the Middle East could end up having a positive impact on the leading crypto’s “post-election outlook.” Although the geopolitical concerns might push Bitcoin’s price down in the short term, these same concerns are boosting Trump’s election odds.<\/span><\/p>\n

A Trump victory is considered favorable for the crypto market due to the former president’s pro-crypto stance. In addition to making numerous bullish statements at this year’s <\/span>Bitcoin 2024 conference<\/span><\/a>, he also launched his decentralized finance (DeFi) platform, World Liberty Financial.<\/span><\/p>\n

\n

Crypto insiders are buzzing about @WorldLibertyFi<\/a>. This isn’t just another project—it’s the future of finance.<\/p>\n

— WLFI (@worldlibertyfi) October 2, 2024<\/a><\/p><\/blockquote>\n