Bitcoin surges to $60,000 as political uncertainty grips crypto markets

The price of Bitcoin hit $60,000 on Tuesday morning, marking a 2.75% increase. In comparison, the price of Ethereum, the world’s second-largest cryptocurrency, fell to around $2,700, reflecting a 0.64% drop for the cryptocurrency.

According to Bernstein analysts, the political atmosphere in the US significantly affects market prices.

“Our interpretation of current market sentiment is that a Trump win would be bullish, while a Harris win would be bearish (at least in terms of the immediate market reaction),” Bernstein analysts wrote in a new report.

“Rising stocks [Vice President Kamala] Harris’ comment on Polymarket has put crypto markets on edge as Bitcoin has been range-bound and has failed to recapture previous highs from June. [$70,000]Bernstein analysts say Harris has a 52% chance of winning the upcoming presidential race, according to the latest Polymarket live poll.

In contrast, according to crypto gamblers on Polymarket, former president Donald Trump has a 45% chance of winning. Despite the relatively lower odds, crypto gamblers have placed more money on Trump winning — more than $73 million compared to the $63 million bet on Harris.

Some crypto gamblers have also thrown their support and $50.5 million in crypto behind former First Lady Michelle Obama, who is not running for president. However, Obama currently sits in third place on the crypto gambling platform behind Harris and Trump and says she has only a 1% chance of winning the presidency.

Amid ongoing speculation in prediction markets over who will win the top electoral seat in November, bitcoin is still struggling to recover from its recent high of $73,700 reached this spring. The cryptocurrency has fallen sharply in value in recent weeks amid fears of a global recession.