Daily News | BTCD Dropped Significantly by Over 2%, Is SOL Leading Altcoin Season to Return?

2024-11-08, 04:26

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## Crypto Daily Digest: BTC ETFs continue to see large inflows, BTC may reach $100,000 next year
According to Farside Investor data, a net inflow from US <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs was $236 million yesterday, with a net inflow of $190 million from Fidelity FBTC and $20.4 million from Grayscale Mini BTC Trust.

Yesterday, the US <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETFs received $53.7 million in inflows, including $28.9 million from Fidelity FETH and $12.7 million from VanEck ETHV.

**JPMorgan Chase: <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> will continue to benefit from the “Trump's election victory” narrative in the next 8 weeks**

Inn a report released on Thursday, JPMorgan Chase stated that it believes <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> will continue to benefit from the Republican Party's victory in the US presidential election.

The report states that Trump's victory will evoke a similar response to 2016 in the next eight weeks or so. Despite <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> soaring and gold prices falling due to Trump's election victory, Trump's policies may support both in 2025. When traders try to hedge against currency depreciation and geopolitical resistance, both gold and Bitcoin may benefit from “devaluation trading.”

JPMorgan believes that Trump has repeatedly stated that he will support the digital asset industry and raise tariffs, both of which may ultimately be helpful for Bitcoin.

**Copper Research Director: BTC is likely to reach $100,000 when Trump officially takes office in January next year**

According to CNBC, Fadi Aboualfa, research director at Copper.co, stated that by January 20, 2025, when Trump takes office as president, Bitcoin’s price will likely reach $100,000.

After the news of Trump's election victory came out, Aboualfa stated in a written comment sent to CNBC: "For Bitcoin, it is worth remembering that Trump witnessed two historic high cycles during his presidency from 2016 to 2020. However, these gains occurred against the backdrop of a weak US dollar, which is different from the current environment of a strong US dollar. However, given that Bitcoin spot ETFs currently hold about 1.1 million bitcoins, the momentum may remain positive in the coming months.”

**Analysis: Trump's election victory may accelerate the process of listing the first staked <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETFs**

Trump's victory in the US presidential election may pave the way for more diverse crypto financial products. Nansen analyst Edward Wilson stated that the Trump administration may embrace more innovation in the crypto industry, including the launch of the first staked <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETFs.

Wilson said, "Due to the potential favorable regulatory environment for cryptocurrencies, we may even see the approval of the first staked <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETFs in the early stages of this new government's administration, which will fully leverage the advantages of ETH as an asset. If this happens, ETH will become an exciting asset worth paying attention to.”

## Market Trends: SOL Exceeded $200, Solana Series DeFi Protocol and Meme Coin Rose Across the Board
### Market Hotspots
SOL rose sharply, returning to above $200 after half a year, driving <a  rel="nofollow noopener noreferrer"  href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> ecosystem projects such as RAY, GRASS, and JTO to soar. Since its launch at the end of October, GRASS has seen a cumulative increase of over 400%; Grass is the Depin protocol on the <a  rel="nofollow noopener noreferrer"  href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> chain, with its token GRASS having a circulating market cap of $700 million and its FDV token reaching $2.9 billion;

Meme coins generally rose, with trending meme projects such as MOODENG, MANEKI, LUCE, etc. experiencing a surge of over 30%. MOODENG is a meme featuring the image of a Thai internet celebrity hippopotamus, with a current circulating market cap of $280 million; Maneki is a Japanese Lucky Cat image meme released in April this year, with a current circulating market cap of $80 million. Maneki announced in October that it would become Sheffield United's main partner and official jersey sponsor for the 2024-2025 season; LUCE is the mascot of the Catholic Holy Year, with a current circulating market cap of $75 million.

### Mainstream Coins
BTC remains at a high consolidation level of around $76. Withwith crypto-friendly Trump taking office and the Federal Reserve announcing a 25 basis point interest rate cut, the outlook for BTC is promising;

ETH surpassed $2,900, and ETH ETFs may allow staking after Trump takes office, which is a potentially huge benefit for ETH. However, it is currently only speculation in the community, and further observation is needed on the relevant policies released by Trump regarding the crypto industry after he takes office;

Altcoins generally rose, with BTCD experiencing a significant drop of over 2% in a single day, while the meme coin sectors such as MOODENG and GOAT performed well.

## Macro news: The trend of the US stock market is divided, and the Fed is expect to cut interest rates by 25 basis points in December
The three major US stock market indexes fluctuated, with the S&P 500 index rising 0.74% to 5,973.10 points; the Dow Jones Industrial Average falling 0.00% to 43,729.34 points; and the Nasdaq index rising 1.51% to 19,269.46 points. The benchmark 10-year Treasury yield is 4.31%, while the 2-year Treasury yield, most sensitive to the Federal Reserve policy rate, is 4.21%.

Early this morning, the Federal Open Market Committee (FOMC), the Federal Reserve's decision-making body, announced a 25 basis point reduction in the target range for the federal funds rate. This meets market expectations. This is the second interest rate cut since the 50 basis point cut in September, and also the second interest rate cut since March 2020, indicating that US monetary policy has entered a loose cycle.

Powell stated that as the neutral interest rate approaches, it may be necessary to slow down the pace of interest rate cuts and is just beginning to consider adjusting the pace of interest rate cuts. The pace and goals of monetary policy may change. At the same time, it is emphasized that the Federal Reserve has no predetermined policy path. "If the economy remains strong and inflation fails to fall back to 2%, slower policy adjustments can be considered. If the labor market unexpectedly weakens or inflation rates decline faster than expected, faster action can be considered”.

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<div>Author:**Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions. All investments carry inherent risks; prudent decision-making is essential.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
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