The future of Bitcoin prices will depend on the results of the 2024 US Presidential Elections, analysts have said.
According to analysts at Bitfinex, the current low volatility in Bitcoin’s price indicates cautious market sentiment ahead of the election results. They have said that an increase in volatility could contribute to Bitcoin’s price appreciation.
“If the expected volatility fails to materialise, it may indicate a more substantial issue at play and a much deeper correction for BTC on the lower timeframes. In terms of the options market, apathy to price movements often reflects a more bearish sentiment than strong put buying,” they said.
According to the analysts, Bitcoin might gain from a win by former President Donald Trump, who is typically seen as a more crypto-friendly candidate.
Analysts at Sygnum have, however, said that this could also occur if Vice President Kamala Harris secures the presidency. “Post-election, the market will continue its upward trajectory in anticipation of the positive regulatory and legislative developments in the US once the new president takes office next January. This is likely to be the case irrespective of the election outcome; however, as market sentiment favours a Trump win, the rally may be more pronounced under this scenario,” they said.
SEC Considers Approving Grayscale’s Cryptocurrency Index ETF
The asset manager of Grayscale has said that the United States Securities and Exchange Commission (SEC) is reviewing a request to list their exchange-traded fund (ETF)
On October 29, 2024, NYSE Arca requested approval from the SEC to list shares of the Grayscale Digital Large Cap Fund (GDLC).
“The proposed rule change, if adopted, would represent the first national securities exchange ruleset permitting the listing and trading of shares of multi-crypto asset ETFs,” Grayscale said.
The fund includes a cryptocurrency index portfolio with Bitcoin, Ether, Solana, Avalanche and XRP. Though it is still not available for trading on public exchanges, GDLC holds approximately $534 million in assets under management (AUM) as of November 4, 2024, according to Grayscale’s website.
Meta Makes Llama AI Model Available To US Military
Meta has granted the US military and defence contractors access to its artificial intelligence model, Llama, for national security purposes.
Llama will assist in simplifying complex logistics and planning, tracking terrorist financing, and bolstering America’s cyber defences, according to a November 4, 2024 statement by Nick Clegg, Meta’s president of global affairs.
The company will collaborate with Microsoft, Amazon, IBM, Oracle, Palantir, and other major tech firms to provide comprehensive services to the US government.
Clegg also highlighted that open-source systems have been crucial in helping the US develop the most technologically advanced military globally, in collaboration with its allies. He noted that open-source systems have expedited defence research and high-end computing, identified security vulnerabilities, and enhanced communication. These systems benefit the public sector by enabling discoveries and breakthroughs, driving efficiency, and improving public service delivery.
