Bloomberg: Mt. Gox, government, and miners' selling pressure caused Bitcoin to drop, while potential policy changes by the Federal Reserve will reverse market sentiment

ChainCatcher message, regarding the new round of market decline, hedge fund Digital Asset Capital Management co-founder Richard Galvin stated: "One factor is that a stronger Democratic candidate may replace Biden, and he may not support cryptocurrencies. In the short term, a larger reason for Bitcoin's weakness is the selling pressure from Mt. Gox and the selling actions from government addresses."

In addition, Noelle Acheson, author of Crypto Is Macro Now, pointed out: "Bitcoin continues to struggle against the selling pressure from miners."
However, if weak economic data from the U.S. prompts people to bet on the Federal Reserve easing monetary policy, the sentiment in the cryptocurrency market could shift rapidly, and the approval of the Ethereum spot ETF could also boost market sentiment.

Interpretations of U.S. political developments may also change. Matt Hougan, Chief Investment Officer of Bitwise Asset Management, believes that a potential replacement of the Democratic candidate "is more likely to be in a better position to address crypto issues." He stated that over the past year, the government's attitude towards digital assets has generally improved.