CoinShares Research Head: Bitcoin Has Largely Priced In a Big Democratic Win, With Room to Rebound

November 5: According to Bitcoin.com, CoinShares Research Head James Butterfill said of the November 3 U.S. midterm election results that Bitcoin has largely priced in expectations of a big Democratic victory, and that with uncertainty clearing there is room for a rebound; the expected outcome will not necessarily trigger another round of selling.

Butterfill warned that the bigger concern is a slowdown in crypto reform. The Clarity Act faces a harder path, while investigations into Trump-related businesses could consume political capital and generate unsettling headlines across the industry. He believes U.S. crypto equities may be more sensitive than Bitcoin, especially exchanges, token issuers and businesses dependent on new regulatory licenses; compliant operators could benefit as competitors come under stricter scrutiny. Butterfill said that for Bitcoin, real yields, dollar liquidity and ETP fund flows still matter more than the election.