Trump’s Election Win Could Trigger Rise in Cryptocurrency Markets

Market sentiment is bullish for crypto markets on the prospect of Donald Trump winning the US elections in November, while the opposite is true for a Kamala Harris victory, according to a research report by Wall Street broker Bernstein published on Monday.

The broker noted that bitcoin weakened following the shift in polls in Harris’ favor and that they expect the leading cryptocurrency to “remain in the current range until a clearer signal is given by politicians.”

Republicans called this the “honeymoon phase” and argued that Polymarket rates were subject to manipulation, the report said.

Bernstein notes that the Trump camp has been forthcoming on crypto policy and has engaged with companies in the sector, bitcoin (BTC) miners, and the community.

“The Trump-led Republican side has made a strong pitch to crypto voters by promising a positive policy for bitcoin and crypto innovation, even planning a potential national bitcoin reserve,” wrote analysts led by Gautam Chhugani.

Former President Trump promised a strategic national bitcoin reserve during his speech at the Bitcoin Conference in Nashville last month and said that if he were re-elected, the government would never sell seized bitcoin.