Kamala Harris’ Poll Lead Linked to Bitcoin’s Price Drop, Analysts Say

According to a recent Bernstein report, Kamala Harris' unexpected lead over Donald Trump in presidential polls seems to coincide with a decline in Bitcoin prices.

Harris has been outperforming Trump in several polls, including those on the cryptocurrency prediction platform Polymarket, and Bitcoin has been showing weakness. Bernstein analysts suggest this link may not be purely coincidental.

The analysts propose that market sentiment views a Trump victory as favorable for Bitcoin, while a Harris win is seen as negative, at least in the short term. Since Harris was nominated on August 4, Bitcoin has dropped by 3%, falling below $50,000 amidst a broader market downturn triggered by the yen carry trade unwinding. The cryptocurrency has yet to recover its peak of $73,700 from March.

The increase in Harris’ position on Polymarket appears to be unsettling the crypto market, with Bitcoin struggling to surpass the $70,000 mark it reached in June.

This election is notable for the prominence of cryptocurrencies on the political stage. Trump’s campaign has actively supported Bitcoin, promising to create a national Bitcoin treasury, support miners, and even dismiss SEC Chairman Gary Gensler if elected. His pro-Bitcoin stance has resonated with many in the crypto community, including influential figures like Messari co-founder Ryan Selkis.