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Kamala Harris urges U.S. to lead in blockchain, emphasizes 'digital assets' in economic strategy
Vice President Kamala Harris announced Wednesday that, under her leadership, the U.S. will "recommit" to global dominance in emerging technologies such as AI, quantum computing, and blockchain. Speaking at The Economic Club of Pittsburgh, Harris outlined her vision to ensure the U.S. remains a leader in key sectors shaping the next century. She also emphasized the importance of fostering innovation in digital assets while maintaining consumer protections. While previously quiet on cryptocurrency, Harris reiterated her support for blockchain and digital assets as part of her broader economic strategy. Her comments come as Donald Trump has openly embraced crypto, leaving analysts to suggest that both presidential candidates could present mixed outcomes for the digital asset market depending on the election's results.
PayPal to Enable Crypto Purchases and Transfers for US Business Accounts
PayPal has announced plans to allow U.S. business customers to buy, sell, hold, and transfer cryptocurrencies, expanding its presence in digital assets. This service, set to launch soon, will enable millions of merchants to engage with cryptocurrencies, except for those in New York State. This move builds on PayPal’s previous initiatives, including launching a stablecoin and allowing users to hold crypto in 2020. PayPal’s Senior VP Jose Fernandez da Ponte said the decision responds to growing demand from business owners for crypto capabilities similar to those available to consumers.
BlackRock Bitcoin ETF records largest daily inflow in September, surpassing $180M
BlackRock's Bitcoin ETF saw a significant daily inflow of $184.4 million on Sept. 25, marking the highest inflow of any fund this month. This came during a five-day inflow streak across all U.S. spot Bitcoin ETFs, totaling $496.7 million. Bitwise was the only other fund with inflows on the same day, while Fidelity and Ark 21Shares saw outflows. The surge follows the Federal Reserve's 50 basis point rate cut, with Bitcoin crossing $60,000 again. BlackRock also amended its ETF to require faster Bitcoin withdrawals from custodian Coinbase amid investor concerns.
Trading Desk Insights
After BTC surged to $64K in yesterday’s afternoon trading session, the market quickly lost confidence, resulting in a pullback of over 2% this morning. Notably, funding rates turned negative before returning to positive, underscoring the market's indecision. Traders are now laser-focused on the $65K level, which needs to hold for a confirmed breakout and a renewed bullish outlook.
Several top 30 assets have significantly outperformed since Monday, with SUI leading the charge, up 13%, followed by ICP at +11%, and both ADA and NEAR rising over 9%. Beyond the larger market movers, memecoins and Layer-1 tokens have seen strong momentum, buoyed by increased demand and positive sentiment. For instance, FLOKI has been gaining considerable attention, driven by its automated trading bot, which surpassed $75 million in volume and generated over $1 million in net fees. Additionally, its metaverse platform, Valhalla, inked a multi-year partnership with the esports organization Alliance, adding fuel to the token’s recent gains.
Liquidity continues to expand, pushing asset prices higher, a trend traceable to the rising US M2 money supply and the swelling balance sheets of the top 15 central banks. China's push for aggressive monetary easing, combined with the U.S. Fed’s 50bps rate cut, has further catalyzed market momentum. With most central banks pivoting towards rate cuts, macroeconomic conditions are becoming increasingly important. Investors should closely monitor upcoming economic reports and earnings season to gauge potential market direction.
The futures market now places a 60% probability on another 50bps rate cut by November, a dramatic rise from just 13% last month.
On the ETF front, Bitcoin inflows hit $136 million this week, driven largely by Blackrock, which recorded its largest inflow in over two weeks at $98.9 million. Ethereum followed suit with a strong $62.5 million inflow, marking one of its largest increases recently. Trading volume for BTC ETFs rose 18%, while ETH ETF volume grew by 8%.
In legal developments, the FTX case remains far from closed. Caroline Ellison, a key witness in the prosecution of FTX founder Sam Bankman-Fried, was sentenced to two years in prison and ordered to forfeit $11 billion. Despite her cooperation with authorities, the judge emphasized the need for deterrence in cases of fraud. Meanwhile, former FTX executives Gary Wang and Nishad Singh are expected to be sentenced later this year.
Looking ahead, Deribit reports that $7.7 billion in BTC and ETH option contracts are set to expire this Friday, which could trigger notable volatility in the crypto markets.
Meanwhile, equity futures were largely flat on Wednesday, as Wall Street seeks to build on its gains from September. Despite positive momentum, concerns about an economic slowdown linger, particularly after the Fed’s recent rate cut.
Crypto Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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