Krutika Adani
Copper Research says there is no direct relation between US political events (elections) and the price of cryptocurrencies.
According to the research firm, Bitcoin or any other cryptocurrency depends on the US dollar, which depends on US government leadership.
The firm reveals that during Democratic leadership, the US dollar became strong, negatively impacting Bitcoin prices, while the opposite occurred during Republican governments.
In the current Democrat regime, the rate hikes done by the Biden administration have led to a stronger USD, which has hurt Bitcoin and other cryptos.
Rate hikes suck away excess liquidity from the market, which then leaves less money for investments.