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

Odaily Odaily News: With Trump ahead of Harris in the prediction market, U.S. Treasury yields and the dollar have risen sharply recently. Investors are curbing bets on loose monetary policy because if Trump wins the election, he will implement growth-promoting measures on the already strong U.S. economy. As the financial environment tightened relatively, Bitcoin saw its first weekly decline in three weeks. IG Australia market analysts said that the stock market sell-off, the higher dollar and the rising 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)