Who will win and how will the Crypto market react?
In the year As the 2024 US presidential election comes down to the wire, the stakes for the crypto market could not be higher. A few hours left for the election. This is high season not only for American politics, but also for the crypto industry. People are closely watching everything related to this election. According to data from Polymarket, Trump has a 61% chance of winning, while Harris has only 39%. Let's examine how the crypto market reacts to both outcomes.
Trump's Potential Win: Bitcoin Rally?
If Trump wins, Bitcoin fans could be in for some exciting times. Some Bernstein experts think Bitcoin's price could jump very quickly — perhaps reaching $80,000 to $90,000 within two months. That's up from the previous high of $73,800. Why are crypto people so optimistic about this? Well, Trump has shown a very crypto-friendly attitude. Even his running mate JD Vance is a big fan of Bitcoin and crypto. This adds more weight to Trump's crypto pro stance. We have seen the price of Bitcoin move based on the rise and fall of Trump's victory. The Crypto space believes that its winner can bring crypto-friendly rules. He shared his plan to fire SEC Chairman Gary for his anti-crypto behavior. This will further excite the crypto industry and they believe it will bring a constructive environment for the digital space.
What if Harris wins? The slow way to Crypto
If Kamala Harris can pull through, the story will change a bit. Analysts expect Bitcoin to feel some pressure and possibly drop to $50,000, which would be a steep drop of more than 25 percent. The industry believes that the administration will bring more rigor to the crypto space under Kamala's command. Investors are certainly nervous about this. Bitcoin still believes they point to crypto's long-term growth. This view is fueled by the growing acceptance of Bitcoin ETFs and increasing interest from institutional and retail investors.
What to expect after the election
Looking ahead, the outcome of the election, regardless of who wins, is bound to shake up the crypto market. Standard Chartered analyst Geoff Kendrick Harris said bitcoin could stabilize around $75,000 by the end of 2024 if it takes the prize. It's a tense time for both crypto and stock markets, with everyone holding their breath. Whether you're a seasoned investor or just curious about the future of Bitcoin, the next few hours and days are sure to be interesting.
