Odaily News Matthew Siegel, head of digital asset research at VanEck, said Bitcoin's recent rise appears to be related to political changes and global economic concerns. Siegel pointed to factors such as the upcoming US election, changes in money supply, and international developments in Bitcoin mining as influencing recent price trends. As for the impact of the upcoming US presidential election on Bitcoin's price movements, he explained that historically, Bitcoin tends to respond to changes in political sentiment, especially when candidates who are seen as more supportive of digital assets show an advantage in the polls. The recent price movement is consistent with the rising probability of betting on Trump, the candidate who supports cryptocurrencies. "We think this is a very favorable setup for Bitcoin going into the election. We saw exactly the same pattern in 2020, when Bitcoin lagged and volatility was low," Siegel said. "Once the winner is announced, we will experience a high volatility rally as new buyers enter this market." He also emphasized the importance of Bitcoin's long-term negative correlation with the US dollar. He added that periods of dollar weakness tend to coincide with rising Bitcoin prices as investors seek alternative means of storing value. Another key factor he mentioned is the correlation between Bitcoin and money supply growth, especially M2, which tracks the supply of cash and ready funds. Siegel said that the recent policy adjustments of the Federal Reserve have led to a re-acceleration of the money supply, which has rekindled people's interest in Bitcoin. In addition, he also discussed the impact of global developments on Bitcoin adoption. He pointed out that some emerging markets, especially the BRICS countries, are integrating Bitcoin mining operations supported by government resources. Looking ahead, Siegel said that global debt concerns may further drive people's interest in Bitcoin. He said that if major economies face credit rating downgrades, especially the United States, this may become a catalyst for increased investment in Bitcoin as an alternative asset. (Cryptonews)