Opinion: Trump's deal brings obstacles to cryptocurrencies, Bitcoin's rally cools

Odaily News U.S. Treasury yields and the dollar have risen sharply recently as Trump leads Harris in the prediction market. Investors are curbing bets on loose monetary policy because if Trump wins the election, he will implement growth-boosting measures on the already strong U.S. economy. Bitcoin saw its first weekly decline in three weeks as the financial environment tightened relatively. IG Australia market analysts said that the stock market sell-off, the higher dollar and the rise in yields all mean a tightening financial environment. This is not good for cryptocurrencies. Some people will point out that the financial environment was loose from the beginning, but what is more important is the speed of tightening. The co-founder of Orbit Markets, a provider of liquidity for digital asset derivatives trading, said that if Trump wins, it may lead to higher U.S. Treasury yields and ultimately have a negative impact on risky assets. However, the Trump administration's expected softening of regulation of the crypto industry should still be a more important factor. (Jinshi)