“Potential Bullish Impact on Cryptocurrency Markets from Trump’s Election Victory, According to Bernstein”

Market analysts at Bernstein have suggested that a potential victory for Donald Trump in the upcoming U.S. elections could have a positive impact on the crypto market sentiment. In contrast, they believe that a win for Kamala Harris would likely have a negative effect on the market.

The brokerage firm highlighted that bitcoin’s performance has shown signs of weakness following shifts in both Polymarket odds and polling data favoring Harris. They anticipate that the leading cryptocurrency will continue to trade within a range until there is more clarity regarding the election outcome.

According to the report, supporters of Trump have dismissed the changing odds as merely an initial phase of support for Harris, referring to it as a “honeymoon phase.” Additionally, they have raised concerns about potential manipulation of Polymarket odds.

Bernstein also noted that the Trump administration has been vocal about its stance on cryptocurrency policies, engaging with various companies in the sector, including bitcoin miners and the broader crypto community.

The research report highlighted that the Republican side, led by Trump, has made significant efforts to appeal to crypto voters by promising favorable policies for bitcoin and innovation in the crypto space. They even hinted at the possibility of establishing a national bitcoin reserve.

Former President Trump himself pledged to maintain a strategic national bitcoin reserve and stated that, if re-elected, he would not sell any bitcoin seized by the government. These statements were made during a speech at the Bitcoin Conference in Nashville last month.

Overall, the analysis from Bernstein suggests that the outcome of the U.S. elections could have a notable impact on the crypto market sentiment, with a Trump victory potentially being viewed more positively than a Harris win.

For more information on this topic, you can visit the CoinDesk website.