Odaily News Regarding the new round of market declines, Richard Galvin, co-founder of hedge fund Digital Asset Capital Management, said: "One factor is that a stronger Democratic candidate may replace Biden, who may not support cryptocurrencies. In the short term, a bigger reason for Bitcoin's weakness is the selling pressure from Mt.Gox and the selling behavior of government addresses." In addition, Noelle Acheson, author of Crypto Is Macro Now, pointed out: "Bitcoin continues to struggle with selling pressure from miners." However, if weak US economic data stimulates people to bet on the Federal Reserve to ease monetary policy, then the sentiment in the cryptocurrency market may change quickly, and the approval of the Ethereum spot ETF for listing may also boost market sentiment. The interpretation of US political developments may also change. Matt Hougan, chief investment officer of Bitwise Asset Management, believes that the potential replacement of Democratic candidates "is more likely to solve encryption issues in a better position." He said that the government's attitude towards digital assets has improved overall over the past year. (Bloomberg)