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The results of the voting in the US Congressional midterm elections on November 3 could act as a catalyst for the recovery of Bitcoin and the cryptocurrency market, according to analysts at Binance Research.
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Historically, there has been an increase in the leading cryptocurrency and the overall crypto market following US elections. Experts from the world’s largest cryptocurrency exchange believe this trend may continue.
“Once the election results are finalized and uncertainty is resolved, markets typically exhibit a significant upward movement,” Binance Research asserts.
Political uncertainty traditionally exerts pressure on investor sentiment, the experts explained. However, they noted that in the short term, the dynamics of the crypto market may still be influenced by these same political factors. Further escalation of the armed conflict surrounding Iran could trigger an additional rise in oil prices and increase pressure on risk assets, including cryptocurrencies, analysts at Binance caution.
The establishment of a new sustainable bullish trend will be possible only after new demand drivers emerge, such as increased interest from major players and improved liquidity conditions in financial markets, the specialists from Binance Research stated.
Previously, experts from the on-chain platform Santiment suggested that in the latter half of the year, the interest rate set by the US Federal Reserve (Fed) could decrease three times in a row, which would lead to an increase in Bitcoin and altcoins.
