Crypto Market Forecast 13 September 2024

Sep 13, 08:20 AM

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Crypto Market Forecast 13 September 2024:

  • Market Trends: Cryptocurrency prices edged lower over the past 24 hours as investors anticipate next week's potential interest rate cut by the U.S. Federal Reserve. A reduction of 25 to 50 basis points from the current 5.25% is already factored into the market. QCP Capital noted that the market is gaining momentum due to the upcoming rate cut and the U.S. presidential elections.

  • Bitcoin and Projections: Bitcoin's price fell by 0.5% to $57,888. Standard Chartered reiterated its year-end Bitcoin projections: $75,000 if the Democrats win the upcoming presidential election and $125,000 if the Republicans prevail. Geoff Kendrick, the bank's Global Head of Digital Asset Research, stated that a Harris administration would be less negative for digital assets than a second Biden term. BlackRock, the world's largest asset manager, mentioned that Bitcoin could serve as a hedge against global instability and declining trust in governments, banks, and fiat currencies.

  • XRP Performance: XRP surged by 5% to $0.566 following Grayscale's announcement of a new investment product based on XRP for accredited investors. Grayscale is considering converting this trust into a spot XRP exchange-traded fund (ETF).

  • Sui Crypto Gains: Sui Crypto increased by 0.6% as Grayscale announced plans to launch a similar investment product for accredited investors.

  • New Crypto Launch: World Liberty Financial (WLF), a crypto project by Donald Trump's sons, is set to launch on September 16. Marketed as an alternative to traditional banks, the project has faced skepticism. Scammers have exploited the situation by launching fake airdrops and hacking social media accounts of Trump family members. Critics like lawyer Joe Carlasare have labeled the initiative a "blatant money grab," and some investors believe it may cost the presidential candidate support among Bitcoin enthusiasts.

  • Poll: Will World Liberty Financial succeed?

    • Options: Yes | No
  • Yesterday's Poll Results:

    • Question: Will JPMorgan, Vanguard, and Dimensional maintain their current stance on crypto and continue to opt out over the coming 18 months?
    • Results: Yes: 95% | No: 5%
  • Regulatory Actions: The crypto exchange eToro agreed to pay a $1.5 million penalty to the SEC and will now offer only Bitcoin, Bitcoin Cash, and Ether on its platform. SEC Director Gurbir S. Grewal stated that this move enhances investor protection and provides a pathway for other crypto intermediaries.

  • Upcoming Enforcement: Additional SEC enforcement actions are expected by the end of the month, according to Kristin Smith, CEO of the U.S. Blockchain Association. She noted that while the SEC reaffirmed that Bitcoin and Ether are not securities, the U.S. is losing its lead in digital asset innovation due to regulatory hostility. Smith urged Congress to act promptly to provide industry clarity.

  • Stablecoin Usage: The use of stablecoins has surged in real-world applications such as currency conversion, remittances, and salary payments. A study by Visa Crypto estimates that stablecoin transactions could reach $5.3 trillion by the end of 2024. Despite this growth, Consumers' Research raised concerns about Tether's lack of transparency and absence of a comprehensive audit of its dollar reserves, drawing parallels to the bankruptcies of FTX and Alameda Research.