Bitcoin trading around $58,000 to remain rangebound until election picture clearer

From Investing.com

August 12, 2024 05:59:28 am:

Bitcoin has taken center stage in the US presidential campaign as Polymarket odds and polling shift in Harris’s favor. The cryptocurrency has been trading around $58,000 after hitting $61,000. Bernstein analysts predict a range-bound market until the election picture becomes clearer before the debates.

Trump’s stance on crypto is seen as bullish, with promises of favorable policies. However, Democrats remain cautious, seeking concrete actions amid regulatory challenges. Polymarket, handling over $500 million in bets, is considered a reliable indicator compared to traditional polls due to more “skin in the game.”

Vice President Kamala Harris’s odds on Polymarket have surpassed Trump’s by over 6%, causing unease in the crypto markets. While some dismiss the odds as a temporary surge, analysts argue they reflect Harris’s momentum in recent polls, with the 538 project average showing her leading Trump by 2.4%. The true test will come after the Presidential debates in September.

Read more at Investing.com: Bitcoin to remain rangebound until election picture becomes clearer: Bernstein By Investing.com