As the US election approaches in November, a YouHodler analyst has highlighted potential repercussions for the cryptocurrency market. Ruslan Lienkha, a senior analyst at the online exchange YouHodler, has suggested that an increase in Kamala Harris’ chances of defeating the pro-cryptocurrency incumbent, Donald Trump, could negatively affect Bitcoin’s price.
Lienkha’s analysis indicates that a Harris victory would be bearish for Bitcoin, primarily because the regulatory environment is unlikely to change significantly. Cryptocurrency investors are closely monitoring Harris’ growing odds on various online prediction markets, perceiving a potential win by the current vice president as detrimental to the largest digital asset by market capitalization.
“If investors believe a Democratic administration might impose stricter cryptocurrency regulations, Bitcoin’s price could suffer,” Lienkha stated. He further elaborated that Harris’s rising momentum in crucial swing states could amplify these concerns among investors.
Lienkha also noted that if Harris were to win, the crypto market would likely continue facing pressure from the U.S. Securities and Exchange Commission (SEC). “With a Harris win and no major shifts expected in the regulatory landscape, the SEC will likely attempt to apply the existing traditional finance framework to the crypto market,” he explained.
