On August 13th, Caixin reported (Editor Malan) that due to the strong emergence of Democratic candidate Harris, the situation in the US election has changed. The latest betting odds from cryptocurrency prediction platform Polymarket show that Harris currently has a 52% chance of winning, reversing Trump's lead.

This reversal may explain recent price changes in the cryptocurrency market. In a report released on Monday, research institution BernStein analyzed that Harris' smooth sailing in the presidential campaign may be one of the reasons for the recent plunge in bitcoin prices.

The company's analysts believe that Harris' smooth sailing is a bearish signal because the Democratic Party generally has a cold attitude towards cryptocurrencies, and Harris' attitude towards cryptocurrency market regulation has also been vague.

In contrast, Republican candidate Trump has always publicly supported cryptocurrencies, and has therefore become a favorite of some investors in the industry. However, his declining campaign is currently having a negative impact on the market.

Falling as soon as she appears?

BernStein pointed out that its interpretation of the current sentiment in the cryptocurrency market is that Trump's victory is bullish, while Harris' victory is bearish. If Harris wins in November, cryptocurrency prices will continue to fall, as she means that future US digital assets will have negative trends.

Although it is rumored that Harris has already sent team members to contact the cryptocurrency industry and express a friendlier regulatory attitude, she has not yet publicly conveyed her views and future policy opinions on the cryptocurrency industry, which is undoubtedly a huge risk for the cryptocurrency industry.

Since Biden announced his withdrawal from the US presidential race on July 22nd, the price of bitcoin has fallen by nearly 12%, and is currently hovering below $60,000. Since Harris was officially nominated as the Democratic presidential candidate on August 4th, the price of bitcoin has fallen by 3%.

Other large-scale tokens such as Ether, Binance Coin, and XRP have also shown similar trends during the same period. In addition, the decline in cryptocurrency prices is also related to the global stock market turbulence caused by last week's yen arbitrage trading closing, which caused bitcoin to plummet nearly 8% on Monday.

BernStein added that Harris' popularity in polls and on Polymarket has made the cryptocurrency market uneasy, and bitcoin is fluctuating in a range, unable to return to its $70,000 level in June.

Editor/Somer