Summary:
Alex Thorn predicts Trump’s victory could be bullish for the crypto market.
Historically, October, November, and December are strong months for crypto.
70% of Bitcoin has not moved in over a year, indicating strong long-term holders.
Intel ranks 6th among the best cryptocurrency stocks according to hedge fund holders.
Intel is focusing on cost reduction while maintaining its semiconductor leadership.
A Review of the Crypto World: Latest Updates
Crypto has emerged as a major political issue in the US with the campaigns for election going on. Head of Firmwide research at Galaxy Digital, Alex Thorn, noted that August was a rough month for Bitcoin, with eight out of the eleven prior Augusts witnessing declines in its trading price. Political events are also influencing the crypto landscape.
In Thorn's view, Trump’s victory in the upcoming elections could be bullish for the crypto market, as he aims to make the US the ‘crypto capital of the planet’. In contrast, Kamala Harris’s victory might be neutral due to her advisors' ties to the Biden administration's crypto policies.
Looking ahead, September is typically a weak month for crypto, but the subsequent months of October, November, and December are historically more positive. Despite anticipated Fed interest rate cuts, concerns linger in the market as JPMorgan's Head of Global and European Equity Strategy cast doubt on a potential crypto bull market.
In a CNBC interview, Anthony Pompliano, CEO of Professional Capital Management, discussed recent Bitcoin price movements. Notably, Germany’s government and the Mt. Gox exchange have offloaded significant amounts of Bitcoin, impacting supply. With over 70% of Bitcoin not moving for more than a year, Pompliano predicts this could drop to 50-55%, indicating strong long-term holders. He emphasizes that time is the only catalyst for Bitcoin, rather than political candidates.
Intel Corporation (NASDAQ: INTC)
Number of Hedge Fund Holders: 75
Intel Corporation manufactures and sells computing products globally, and has launched a chip designed for blockchain applications such as Bitcoin mining. Despite recent revenue declines, Intel is focusing on cost reduction and maintaining its status as a world-class semiconductor manufacturer.
Currently, Intel ranks 6th on the list of the best cryptocurrency stocks according to hedge fund interests. As hedge funds show confidence in Intel, it remains to be seen if the company can leverage its technology to capitalize on the growing digital and cryptocurrency markets.
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