Janice R. Andrews
Tuesday morning saw a 2.75% gain in Bitcoin to $60,000 as political unpredictability continued to tremble the cryptocurrency markets. Ethereum, the second-largest cryptocurrency globally, had a little decline, plummeting 0.64% to about $2,700.
The political climate in the United States, especially the impending presidential election, is the reason behind the market’s volatility, according to Bernstein analysts. In a recent analysis, Bernstein analysts stated, “Our interpretation of current market sentiment is that a Trump win is bullish, and a Harris win is bearish, at least in terms of the immediate market reaction.”
Anxiety has been felt by cryptocurrency investors due to Vice President Kamala Harris’s growing shares on Polymarket, a well-known cryptocurrency betting site. Bitcoin is still stuck in a range and has had difficulty rising over its June peak of $70,000. The most recent live polling from Polymarket indicates that Harris has a 52% chance of winning the presidential contest.
The former president, Donald Trump, has garnered more substantial financial support from cryptocurrency gamblers while trailing significantly with a 45% chance of victory. In contrast to the $63 million stake on Harris, almost $73 million has been put on Trump.
Interestingly, even though former First Lady Michelle Obama isn’t running for office, some cryptocurrency bettors have her ranked $50.5 million behind her. On Polymarket, she has only a 1% probability of winning the president, trailing behind Harris and Trump.
With the escalation of political conjecture, Bitcoin is still struggling to hit its previous peak of $73,700, which it hit earlier in the spring. In recent weeks, there has been a significant drop in the value of cryptocurrencies due to mounting fears of a possible worldwide recession.
