Prediction: Bitcoin Boost If Trump Is Re-elected

Prediction: Bitcoin Boost If Trump Is Re-elected

According to a report released by Standard Chartered on Tuesday, the potential return of Donald Trump to office following the US presidential election in November could serve as a positive catalyst for Bitcoin's value. The bank suggests that a Trump victory could pave the way for a more favorable regulatory environment for cryptocurrencies.

"We believe that a second Trump administration would generally be beneficial through a regulatory landscape that is more supportive," stated the report.

Moreover, Standard Chartered warns that the risk of the US government resorting to printing money to settle its debts is escalating. This scenario could result in a depreciation of the US dollar, prompting Bitcoin to emerge as a hedge against de-dollarization and diminishing confidence in the US Treasury market.

Kendrick, a spokesperson for Standard Chartered, proposed that a Trump re-election might prompt foreign investors to expedite the selling of US Treasury bonds due to apprehensions about the financial stability of the US government.

Bitcoin Holders Sit Tight: Exchange Inflows Hit Decade Lows

Hold onto your hats, Bitcoin enthusiasts! The latest data reveals a dramatic drop in the number of coins entering cryptocurrency exchanges. This suggests that investors are increasingly reluctant to sell, with exchange inflows plumbing depths not seen in nearly a decade.

According to CryptoQuant, a leading on-chain analytics platform, daily inflows of Bitcoin (BTC) have fallen sharply since the currency's all-time high of $73,800. April and May of 2024 have witnessed some of the lowest daily exchange inflows in the past ten years, a sign that hodlers (long-term holders) are prioritizing holding over quick sales.

For context, on April 20th, when Bitcoin's price was similar to its current level, a mere 8,400 BTC entered exchanges. This level of inflow was last observed when Bitcoin traded for less than $1,000 per coin!

CryptoQuant gathers data from a wide range of spot and derivative exchanges, painting a clear picture: investors are showing a strong appetite for holding Bitcoin. This trend coincides with a growing presence of institutional investors in the cryptocurrency space, potentially marking a new era for Bitcoin investment.

Poloniex Hacker Makes First Move, Millions Still Unrecovered

The saga of the Poloniex hack takes a new turn as the hacker behind the November 2023 theft transfers 100 ETH (around $308,000) to the controversial Tornado Cash mixer. This marks the first instance of stolen funds being moved, according to journalist Colin Wu. Interestingly, over $182 million worth of cryptocurrency remains untouched in the hacker's wallet, including Ethereum, Tron, Bitcoin, and Bitcoin Token.

As a reminder, Poloniex lost nearly $125 million in the attack. Exchange owner Justin Sun initially reported success in freezing some stolen assets and even offered a $10 million reward for their return.

The use of Tornado Cash raises concerns. Sanctioned by the U.S. government in 2022 for facilitating money laundering, the mixer has faced legal challenges with its co-founder potentially facing a five-year prison sentence.

This development highlights the ongoing struggle to recover stolen crypto funds and the challenges posed by anonymizing services like Tornado Cash. While a small portion has moved, the majority of the stolen assets remain unaccounted for.

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