According to PANews on November 3, as reported by China Fund News, the 'Trump trade' seems to have cooled, and the virtual currency market is once again 'bleeding profusely.' Analysts previously pointed out that the rise in cryptocurrencies is related to multiple news stimuli. Among them, Trump's polling surpassing Harris is the biggest stimulating factor. Given Trump's enthusiasm for the crypto industry, during the campaign, the crypto industry spent a lot of money to promote its agenda, and Bitcoin has also been referred to as the 'Trump trade.' With Trump leading in prediction markets, Bitcoin has also 'risen with the tide.'
Ed Yardeni of Yardeni Research Inc. wrote in a report: "While Bitcoin may fall if Harris wins the election, the reaction of Bitcoin to Trump's election as president is harder to gauge. Bitcoin may continue to rise, or given this year's gains so far, a typical 'buy the news, sell the fact' situation may occur."
