Bitcoin's Future in Asia: Tied to Presidential Election and Debt Ceiling Deal

Bitcoin and Ether prices have declined in East Asia, ending the post-debt ceiling rally in the crypto market. The absence of a defining narrative has made for patternless price swings and confused investors. Asset managers have increased their open long positions in Bitcoin after falling in the two prior weeks, according to the latest Commitment of Traders report. The upcoming US presidential election may be the narrative to watch for Bitcoin's success in the US.