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Potential Trump Victory Could Upend Bitcoin Market, Bernstein Analysts Predict – Implications for These 7 Crypto Stocks Featured – Cleanspark (NASDAQ:CLSK)
As the upcoming 2024 elections approach, analysts at research and brokerage firm Bernstein suggested that Bitcoin BTC/USD Traders May Not Have Fully Considered Former President’s Possible Victory Donald Trumpan event that could significantly shake up the cryptocurrency market.
What happened: The Bernstein team, led by Gautam Chhuganiposits that the market has failed to factor in a potential positive change in cryptocurrency regulation if Trump is re-elected in November, a Decrypt report They said Monday that they anticipate significant growth from institutional investors allocating money to cryptocurrencies and related stocks.
Bernstein analysts are keeping a close eye on seven key cryptocurrency stocks as Trump prepares to speak at the Bitcoin Nashville conference on July 27. The research firm has a positive outlook on the cryptocurrency sector, predicting significant upside potential for some companies in light of a potentially improved regulatory environment.
The report identified seven stocks that fell into three categories: Bitcoin mining consolidators, including Riot Control Platforms Inc. RIOT, CleanSpark Inc. CLSK, and Marathon Digital Holdings Inc. MARA, Bitcoin/AI hybrid data centers including Core Scientific Inc. CORZ and Iris Energy Ltd. IREN, and cryptocurrency brokerage/exchange platform Robinhood Markets Inc. HOOD, as well as the Bitcoin company treasury, MicroStrategy Inc. MTR.
Why is this important: Trump’s speech at the Bitcoin 2024 conference in Nashville and his recent enthusiasm for cryptocurrency have made headlines. Trump’s event, scheduled for July 27, is aimed at raising funds for his presidential campaign while also highlighting his newfound support for cryptocurrency. The invitation to his exclusive event The ticket price is staggering: $844,600, the equivalent of the price of 13 Bitcoins..
Analysts have warned traders about The Risks of Short Selling Bitcoin Ahead of Trump’s Next Speech at the conference. There are widespread rumors that Trump might announce Bitcoin as strategic reserve asset for the United States in his speech on July 27.
Price action:At the time of writing, Bitcoin was trading at $67,565.13, down marginally by 0.57% over the past 24 hours, according to Benzinga Pro data.
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