As Bitcoin rebounds from its brief correction and approaches the $70,000 mark, Matthew Sigel, head of digital asset research at asset manager and crypto ETF issuer VanEck, shared his insights on the cryptocurrency’s potential trajectory in light of the upcoming US presidential election and broader economic factors in a recent CNBC interview. Bitcoin Recovery Tied To M2 Growth And Seller Exhaustion Sigel noted the correlation between former President Donald Trump’s lead in betting polls against Vice President Kamala Harris and Bitcoin’s rise. He characterized Trump as the most pro-crypto candidate, suggesting that his policies may favor the cryptocurrency market. Conversely, Sigel expressed skepticism about Harris’s understanding of Bitcoin, indicating that her administration may not prioritize cryptocurrency issues. Related Reading: If Dogecoin Breaks Above Key Resistance ‘We Could See A 25% Rally’ – Top Analyst Delving deeper into Bitcoin’s price dynamics, Sigel highlighted several critical correlations. He pointed out a negative correlation with the US dollar and a positive correlation with the global money supply growth, known as M2, leading to the current uptrend. Sigel also attribu ..
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