Bernstein have analysed that traders haven’t fully factored in how a Trump victory could impact cryptocurrency.
Bernstein noted BTC’s recent gains and highlighted significant stocks and market positions.Expanding on this, Bernstein pointed out that Bitcoin markets have recently regained momentum, with BTC surging by 13% last week to surpass $67,000.Stocks related to cryptocurrencies experienced even greater gains, rising by 22% over the same period.
Bernstein’s report categorizes seven significant stocks into four groups: hybrid BTC/AI data centers , Bitcoin mining consolidators , BTC corporate treasury , and crypto broking/exchange platforms . “We view large Bitcoin mining consolidators as high-beta Bitcoin proxies, with price action being driven by underlying Bitcoin price and potential cashflows from operating leverage.”
Furthermore, the hybrid BTC mining and AI data center operators were commended for their distinctive market positioning.Trump’s upcoming speech at the Bitcoin 2024 Conference in Nashville has sparked considerable interest, fueled by his recent advocacy for cryptocurrency and the eye-popping ticket price of $844,600—equivalent to 13 BTC.
Analysts are warning traders about the risks of shorting Bitcoin ahead of Trump’s speech, amid rumors that he might declare Bitcoin as a strategic reserve asset for the U.S.However, with the Relative Strength Index at 62, the market shows strong bullish sentiment, suggesting that the recent drop may merely be a short-term fluctuation.Ishika is a graduate of Political Science from the University of Delhi.
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