Galaxy Digital: Bitcoin may remain in a range fluctuation state until November, as the US presidential election has a huge impact on investors

Odaily Planet Daily News: Alex Thorn, the research director of Galaxy Digital, a cryptocurrency asset management company, said that in addition to the early decline, another reason why August was so difficult was the oversupply of Bitcoin. However, it is reported that these oversupply problems have now largely subsided or been resolved. Most of the bitcoins retained by the US government were confiscated from theft and are likely to be returned rather than sold. The German government has completed the sale, and we believe that the bitcoin inheritance from Mt. Gox has been largely distributed, and all bankrupt companies have returned usable tokens to creditors. From a supply perspective, the prospects for bitcoin are bright. The inheritance distribution of the bankrupt exchange FTX may become a positive catalyst, and we expect the repayment action to be initiated within the next six months Thorn added, "This distribution will provide a large amount of cash to a group of creditors consisting of known cryptocurrency investors who may consider reinvesting in the industry." According to Thorn, Bitcoin may remain in a range of volatility until November due to the significant impact of the US presidential election on investors. He said that Trump's victory could become a positive catalyst, while any negative impact of Harris' victory could be insignificant. I expect the market to fluctuate until we have a better understanding of the expectations of interest rate cuts and the election