Analysis: The main reason for Bitcoin's weakness comes from the selling actions of Mt.Gox, the government, and miners

News on July 4th, regarding the new round of market downturns, Richard Galvin, co-founder of hedge fund Digital Asset Capital Management said: "One factor is that a stronger Democratic candidate might replace Biden and he may not support cryptocurrencies. In the short term, a bigger reason for Bitcoin's weakness comes from selling pressure from Mt.Gox and government address sales." Additionally, Noelle Acheson, author of CryptoIsMacroNow pointed out: "Bitcoin continues to struggle with miners' selling pressure." However, if weak U.S. economic data stimulates people to bet on the Federal Reserve easing monetary policy then sentiment in the cryptocurrency market could quickly change. The approval of Ethereum spot ETF listing could also boost market sentiment. Interpretations of US political developments may also change. Matt Hougan, Chief Investment Officer at Bitwise Asset Management believes that potential replacement by a Democratic candidate is "more likely to be in a better position to solve crypto issues". He stated that over the past year there has been an overall improvement in government attitudes towards digital assets.