Favorable election results won’t reverse macro pressures on Bitcoin, GSN CEO warns

Borrowing costs, dollar strength and broader investor appetite for risk remain more decisive factors, argues Global Settlement Network CEO. Bitcoin traded around $77,302 early Tuesday after recovering above $77,600, as US midterm elections put political developments in focus. Yet, the outcome of the vote is unlikely to be the main driver of crypto prices, as financial conditions and global liquidity will continue to influence investor appetite for risk, Ryan Kirkley, co-founder and CEO of Global Settlement Network (GSN), said in a Tuesday note. Kirkley said institutional adoption is increasingly supported by practical economic considerations, including cheaper cross-border payments, more efficient settlement and the movement of financial assets onto blockchain infrastructure.

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