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Galaxy Digital: BTC may remain in a range-bound state until November as the US presidential election has a huge impact on investors

Galaxy Digital: BTC may remain in a range-bound state until November as the US presidential election has a huge impact on investors

CointimeCointime2024/09/03 04:09
By:Cointime

Alex Thorn, head of research at cryptocurrency management firm Galaxy Digital, said that another reason for the difficulty of August, in addition to the early decline, was the oversupply of Bitcoin. However, it is said that these oversupply issues have now been largely resolved. "Most of the Bitcoin held by the US government was confiscated from theft and is likely to be returned rather than sold. The German government has completed the sale, and we believe that the Bitcoin heritage from Mt. Gox has been largely distributed, and all bankrupt companies have returned available tokens to creditors. From the perspective of supply, the future of Bitcoin is bright. The distribution of the estate of the collapsed exchange FTX may become a positive catalyst, and we expect the repayment action to be launched within the next six months." Thorn added, "The distribution will provide a large amount of cash to a group of known crypto investors who are creditors, and these investors may consider reinvesting in the industry." Thorn said that Bitcoin may continue to fluctuate within a range until November, as the US presidential election has a huge impact on investors. He said that Trump's victory could become a positive catalyst, and any negative impact brought by Harris' victory could be negligible. "I expect the market to be volatile until we have more understanding of interest rate expectations and the election."

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