In the current US election context, the crypto market is experiencing unprecedented volatility and uncertainty. With the accelerated approval of Ethereum spot ETFs and the crypto market gradually deviating from the US stock market, there are more and more signs that the final election results of the new US president will profoundly affect the future direction of the crypto market.
Since Harris's probability of being elected on the Polymarket platform exceeded Trump's for the first time, the downward trend of the crypto market has become more and more obvious. The price of BTC has fallen from $62,000 to $56,000. Harris's political stance has not yet made it clear whether she supports cryptocurrencies, and as Biden's successor, she may continue the current government's strict regulatory policies, which has also led to the market's cautious attitude towards her.
The political opposition between Trump and Harris has further exacerbated market uncertainty. Although Trump has publicly opposed cryptocurrencies, as the pressure of the election increases, he has recently shown a supportive stance for Bitcoin, while Harris continues to lead in support in several key states, has not shown clear support for cryptocurrencies, and has even missed some important cryptocurrency-related activities.
Against this background, the performance of the crypto market has become more volatile. For example, after Trump was assassinated on July 13, his approval rating rose and the crypto market experienced a wave of gains, but then suffered a sharp correction again after Harris's poll approval rating surpassed Trump.
Research reports from institutions such as Bernstein pointed out that if Trump is elected, it may be beneficial to the crypto market, while Harris' victory may bring more uncertainty and potential market risks.
In summary, Harris's attitude is undecided, and the crypto market has therefore fallen into a highly volatile situation. In the coming months, this political uncertainty will continue to dominate market sentiment and trends, and investors need to pay close attention to the development of the election and be prepared for possible market fluctuations.
