YouHodler exchange analysts have stated that if Kamala Harris’s chances of defeating Donald Trump increase before the November U.S. presidential election, it could have a “negative impact” on Bitcoin prices.
(Background:
No more comparisons between Trump and Harris regarding their friendliness towards Bitcoin; an overview of the differences in economic, tax, and healthcare policies between the Republican and Democratic parties.)
Article Overview:
Harris Surges Ahead in Multiple Swing States
Harris Still Trails Trump by 10% in Polymarket Betting Odds
Bitcoin Rebounds to $64,000
Recent polls in the United States show that Vice President Kamala Harris has overtaken former President Donald Trump, who previously suggested making BTC a strategic reserve for the U.S., at last month’s Bitcoin conference. The Block reported today that YouHodler exchange analyst Ruslan Lienkha indicated that if Harris’s chances of defeating Trump continue to rise before the November election, the price of Bitcoin may be adversely affected.
Lienkha added that if investors believe a Harris victory could lead to stricter cryptocurrency regulations under a Democratic administration, coupled with ongoing pressure from the U.S. Securities and Exchange Commission (SEC), Bitcoin’s price could be impacted. Harris’s momentum in key swing states may exacerbate these concerns. He also noted:
Extended Reading:
Analyzing Harris’s stance on cryptocurrency: Can she be more Bitcoin-friendly than Trump?
This week’s latest polls indicate that Harris has made significant progress in key swing states. According to a Bloomberg poll released on Wednesday, Harris leads Trump in five out of eight swing states, while Trump only leads in two, having previously led in seven swing states before Biden withdrew. The statistics show that Harris has the support of 48% of swing state voters, while Trump has 47%, with both candidates in a tight race. A recent Reuters/Ipsos poll also shows Harris’s support at 43%, leading Trump by 1 percentage point.
Moreover, in the well-known on-chain prediction market Polymarket, Harris’s winning probability has risen to 44%, but she still lags significantly behind Trump’s 55%.
QCP Capital analysts pointed out that if Trump wins in November, discussions regarding sovereign Bitcoin reserves and the potential for other countries to follow suit could fundamentally change the cryptocurrency landscape.
Regarding prices, amid a broad market sell-off in U.S. stocks on Thursday, Bitcoin dropped 4% late last night from $64,949, briefly testing the $62,000 mark. In the early hours today, it rebounded to briefly surpass $65,000 and, at the time of writing, stands at $64,308, with a nearly 24-hour increase narrowing to 0.4%.
Extended Reading:
U.S. Stock Market Carnage! Nvidia Plummets 7%, Arm Crashes 15%… Weak Manufacturing Data and Highest Initial Jobless Claims in a Year
Source: Trading View
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