Analysts at research and brokerage firm Bernstein suggest that the market has not fully taken into account the possible positive change in cryptocurrency regulations if Donald Trump wins the upcoming US presidential elections.
In a note to clients today, Gautam Chhugani and Mahika Sapra emphasized that the Bitcoin price is responding positively to perceived improvements in Trump's win prospects, driven by Trump's pro-crypto stance, ahead of his expected speech on Bitcoin 2024 in Nashville on July 27 .
Analysts have highlighted a revival in Bitcoin ETF momentum, with net inflows exceeding $2 billion in the past two weeks. This brought total inflows to over $17 billion since their launch in January, pushing total assets under management to $60 billion.
Crypto stocks performed even more impressively, rising 22% last week. Chhugani and Sapra clarified several crypto stocks in Bernstein's coverage, which they see as Bitcoin's close watch.
They expect major bitcoin mining consolidators like Marathon, Riot, and CleanSpark to outperform due to the underlying BTC price and potential cash flows from aggressive operational expansion plans.
*This is not investment advice.
TyMetrix360.com