Shinhan Investment Securities: Biden's Victory Not Likely To Lead To Bitcoin Uptrend

IconCryptoNewsTerminal Staff25 Jul, 2024

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Shinhan Investment Securities: Biden's Victory Not Likely To Lead To Bitcoin Uptrend

Shinhan Investment Securities has determined that even if Kamala Harris is elected vice president in the US presidential election, it will be difficult to lead the downward trend of Bitcoin. Kang Jin-hyeok, a researcher at Shinhan Investment Securities, explained, "Trump's dominance, who is friendly to virtual assets, is positive, but from the perspective of virtual assets, it is not possible to conclude that Bitcoin will show a downward trend when Harris is elected. When looking at the case of the US presidential election after 2012, there was no steady flow before the presidential election, but an upward trend appeared after the results of the presidential election came out in early November. The recent BTC supply and demand are friendly, and looking at the flow of 11 spot ETF funds listed in the US, there is a continuous inflow of funds despite market adjustments."

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