Bitcoin to Hit $90K if Trump Wins or $30K if Kamala Does

Analysts at Bernstein predict that Bitcoin could sink to between $30,000 and $40,000 if Kamala Harris wins the US presidential election, while a Donald Trump victory could push it to $80,000–$90,000 by the end of the year. The report emphasizes a more favorable stance on cryptocurrency from the Trump campaign, which promises a friendlier regulatory environment.

In contrast, Harris’s victory is expected to continue the regulatory challenges that have troubled the crypto industry. Bernstein analysts suggest that the current market has not priced in the impact of a pro-crypto candidate, leaving room for larger market movement. The sliding price of Bitcoin has already been linked to Harris's rise in polls, reflecting market concerns.

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Ether.Fi to Issue Visa 'Cash' Card on Scroll Network

Ether.fi has announced the launch of its Visa 'Cash' card, a blockchain-based credit card offering 3% cash-back and borrowing options against crypto collateral. Built on the Scroll network, the card allows users to spend fiat while holding their crypto assets, enabling yield generation while making everyday purchases. The card will be available in numerous countries, though not in the US for now.

Set to start shipping to pre-order customers on September 16, the card is aimed at DeFi 'degens' but is designed to appeal to a broader market with its gasless transactions and mobile payment compatibility. Scroll’s zero-knowledge rollup helps reduce transaction costs, improving the card's usability across various blockchains.

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Binance Unit Tokocrypto Gets Full License in Indonesia

Binance’s subsidiary, Tokocrypto, has become the third cryptocurrency exchange to receive a full license in Indonesia from the Commodity Futures Trading Regulatory Agency (Bappebti). The approval allows Tokocrypto to operate as a Physical Crypto Asset Trader, solidifying Binance's presence in the growing Indonesian crypto market. For context, Binance acquired Tokocrypto in late 2022.

The approval comes after Indonesia introduced regulations requiring all crypto exchanges to register with the country's first national crypto exchange, known as the Commodity Futures Exchange (CFX). The license reflects the increasing demand for digital assets and crypto exchanges in Indonesia, where more than 30 other platforms are still awaiting approval.

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FBI Says Americans Lost $5.6B to Crypto Scams in 2023

The FBI’s Internet Crime Complaint Center (IC3) revealed that Americans lost $5.6 billion to cryptocurrency fraud in 2023, a 45% increase from the previous year. Elderly citizens were the most vulnerable, accounting for nearly $1.6 billion of the total losses. Investment schemes were responsible for 71% of crypto fraud cases, with other scams involving government impersonation and call center fraud.

Crypto ATMs were also identified as a tool for illicit activities. Confidence schemes, where scammers build trust with victims before stealing funds, were a major factor in the rise in fraud. The FBI's report also warned of labor trafficking schemes linked to crypto scams, with workers abroad often exploited in call centers running fraudulent operations.

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Data of the Day

Global crypto investment products experienced $726 million in net outflows last week, the largest number since March, according to a CoinShares report. The negative sentiment was driven by stronger-than-expected macroeconomic data, which raised uncertainty about US Federal Reserve rate cuts. The US market saw the bulk of the outflows, with $706 million leaving US spot Bitcoin ETFs.

European markets showed some resilience, with Germany and Switzerland recording minor net inflows, while Canada also saw outflows. Ethereum-based investment products were similarly affected, with $98 million in outflows, primarily due to Grayscale’s converted ETHE fund. Investors are now waiting for the Consumer Price Index (CPI) inflation report, which could influence future market direction.

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More Breaking News

• North Carolina’s Senate passed a bill banning the implementation of Federal Reserve-issued CBDCs after overriding a veto by Governor Roy Cooper.
• Polymarket traders are betting that Kamala Harris will win her first debate against Donald Trump, with prediction markets showing giving 75% she will be favored.
• Neiro, an Ethereum-based meme coin, surged 233% and broke into the top 25 meme coins by market cap after being listed on Binance, Crypto.com, and OKX.
• Fractal Bitcoin, a scaling solution backed by Unisat, has launched its mainnet, leveraging Bitcoin’s core code to differentiate from other Layer 2s.
• Solana-based NFT platform DRiP raised $8 million in a seed round led by NFX and Coinbase Ventures, aimed at launching a mobile app.

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