On September 20, Standard Chartered analyst Geoff Kendrick predicted that Bitcoin and digital assets will continue to rise after the Federal Reserve’s recent rate cut, driven more by favorable macroeconomic conditions than the results of the U.S. presidential election.
“For the first time since the FOMC meeting, digital assets are at the top in terms of performance. This is true despite Polymarket showing Harris’ approval rating at 52/47 today,” Kendrick noted in an email Thursday. He attributed the positive performance to macroeconomic drivers starting to outweigh election-related uncertainty.
Kendrick insisted that the U.S. presidential election is no longer as influential on Bitcoin prices as it used to be. “While the U.S. election is important, macro drivers are starting to take over,” he said, adding that he is monitoring the difference between short-term and long-term U.S. Treasury yields as an indicator of market conditions that are favorable for digital assets. “I look at the U.S. 2s10s curve, and a steeper U.S. yield curve is favorable for digital assets.”
