On July 4th, Richard Galvin, co-founder of hedge fund Digital Asset Capital Management, said of the new market decline: "One factor is that a stronger Democratic candidate could replace Biden, who may not support cryptocurrencies. In the short term, a bigger reason for Bitcoin's weakness is the selling pressure from Mt. Gox and the sale of government addresses." In addition, Noelle Acheson, author of CryptoIsMacroNow, pointed out: "Bitcoin continues to struggle with selling pressure from miners." However, if weak economic data in the United States spurs people to bet on the Federal Reserve easing monetary policy, then the sentiment of the cryptocurrency market could change quickly, and the approval of the Ethereum spot ETF listing could also boost market sentiment. The interpretation of political developments in the US could also change. Matt Hougan, chief investment officer at Bitwise Asset Management, believes a potential change of Democratic candidates is "more likely to address crypto in a better position". He says the government's attitude towards digital assets has generally improved over the past year.