Bitcoin's post debt ceiling agreement rally ended as the largest crypto by market capitalization retreated below $27.5K on Sunday. Will next year's Presidential election provide BTC's next narrative? TheSamReynolds writes
Yesterday’s post-debt ceiling deal rally has come to an end.
Bitcoin is beginning East Asia’s trading day down 1.3% at $27,746 while ether is down 1.1% to $1,893.. The absence of a defining narrative – is it a risk asset, or a hedge against risk? – has made for patternless price swings and confused investors. Some might say, for instance, that bitcoin should have risen on debt ceiling uncertainty, as a U.S. default would have jolted the traditional financial system. But instead, bitcoin acted like a stock. PerhapsEd Moya, a Senior Market Analyst with foreign exchange market maker OANDA, posits that the upcoming U.S. election is the narrative to watch.
“We were reminded that the key to Bitcoin’s success in the US might depend on the upcoming presidential election," Moya wrote in a note Friday."Florida governor Ron Desantis announced his intentions to run for president and appears poised to ‘protect’ Bitcoin.”
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