Standard Chartered Head of Digital Assets: Harris' Pro-Crypto Remarks May Lead Some Options Traders to Bet Bitcoin Will Hit $100,000 by Year's End
On September 25, Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered, said that since the Federal Reserve cut the federal funds rate last week, long-term borrowing costs have been relatively higher than short-term borrowing for U.S. Treasuries, which generally indicates optimism about future economic growth and helps to create a favorable environment for investments, including Bitcoin.
Geoff Kendrick also noted that conditions in the derivatives market similarly support his optimistic view of bitcoin. This week, he observed a number of new bitcoin calls in the options market that were built primarily around the $100,000 strike price. This suggests that other factors are influencing the decisions of derivatives traders. From a temporal perspective, the most likely new factor is the comments made by Vice President Harris on Sunday, September 22, when she made her first statement announcing that she would encourage cryptocurrency business.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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