Is the Crypto Market Jittery as Harris's Chances of Winning Rise?

Is the Crypto Market Jittery as Harris's Chances of Winning Rise?As the US election draws near, the cryptocurrency market is starting to react to candidates' policy stances. Democrat candidate Harris has shown strength in recent polls and predictions, with a greater than 52% chance of winning, a development that has caught the crypto industry's attention

Is the Crypto Market Jittery as Harris's Chances of Winning Rise?

As the US election draws near, the cryptocurrency market is starting to react to candidates' policy stances. Democrat candidate Harris has shown strength in recent polls and predictions, with a greater than 52% chance of winning, a development that has caught the crypto industry's attention.

A recent report by research firm BernStein suggests that Harris's smooth campaign trail might be a contributing factor to the recent Bitcoin price plunge. The institution believes that Democrats generally hold a lukewarm attitude towards cryptocurrencies, while Harris's own statements on crypto market regulations have been ambiguous, introducing uncertainty for the industry.

In contrast, Republican candidate Trump has openly supported cryptocurrencies, being viewed by some investors as an "ally" of the industry. However, his recent decline in the campaign is also negatively impacting the crypto market.

BernStein notes that current market sentiment leans towards viewing a Trump victory as positive, while a Harris victory is considered negative. If Harris wins the November election, cryptocurrency prices might continue to decline, as her win signifies an uncertain future for digital assets in the US.

Despite reports of Harris dispatching team members to engage with the crypto industry and express a more amicable regulatory stance, she has yet to publicly articulate her views and future policy positions regarding cryptocurrency, which represents a significant risk for the crypto industry.

Since Biden withdrew from the race on July 22nd, Bitcoin has dropped nearly 12%, currently hovering below $60,000. Following Harris's official nomination as the Democratic presidential candidate on August 4th, Bitcoin has declined by 3%. Other major cryptocurrencies like Ethereum, Binance Coin, and Ripple have also experienced similar downtrends during the same period.

Furthermore, the cryptocurrency decline is also linked to last Sunday's global stock market turmoil triggered by the unwinding of Yen carry trade positions. Bitcoin plunged nearly 8% on Monday.

BernStein adds that Harris's strong performance in polls and predictions has created anxiety in the crypto market. Bitcoin is currently trapped in a range, failing to reclaim the $70,000 level reached in June.

The crypto market is currently in a highly sensitive state, with investors closely watching the election's trajectory and making investment decisions based on candidates' stances on cryptocurrencies. A successful Harris campaign could introduce uncertainty for the crypto market and potentially lead to further market fluctuations.

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