- Trump’s keynote at Bitcoin Convention 2024 could influence crypto laws and market dynamics.
- Bernstein famous BTC’s latest features and highlighted vital shares and market positions.
As Donald Trump gears as much as ship the keynote deal with on the upcoming Bitcoin Conference 2024, a brand new evaluation from Bernstein Analysis, led by Gautam Chhugani, highlighted a blind spot out there.
Bernstein’s evaluation
In keeping with Bernstein, Trump’s potential reelection would possibly herald vital regulatory shifts, which might dramatically affect Bitcoin [BTC] and the broader crypto market.
Increasing on this, Bernstein identified that Bitcoin markets have just lately regained momentum, with BTC surging by 13% final week to surpass $67,000.
Supply: CoinGecko
Shares associated to cryptocurrencies skilled even larger features, rising by 22% over the identical interval.
Bernstein’s report categorizes seven vital shares into 4 teams: hybrid BTC/AI information facilities (Core Scientific, Iris Vitality), Bitcoin mining consolidators (Riot Platforms, CleanSpark, Marathon Digital Holdings), BTC company treasury (MicroStrategy), and crypto broking/alternate platforms (Robinhood).
“We view giant Bitcoin mining consolidators as high-beta Bitcoin proxies, with worth motion being pushed by underlying Bitcoin worth and potential cashflows from working leverage.”
Moreover, the hybrid BTC mining and AI information heart operators had been recommended for his or her distinctive market positioning.
“Bitcoin miners discover themselves in a singular place, led by their disproportionate ‘energy entry’ in a power-constrained world.”
Supply: Bernstein
The report additionally mentioned the potential results of the upcoming U.S. elections and Trump’s crypto stance.
Trump and his affect on Bitcoin
Trump’s upcoming speech on the Bitcoin 2024 Convention in Nashville has sparked appreciable curiosity, fueled by his latest advocacy for cryptocurrency and the eye-popping ticket worth of $844,600—equal to 13 BTC.
Analysts are warning merchants concerning the dangers of shorting Bitcoin forward of Trump’s speech, amid rumors that he would possibly declare Bitcoin as a strategic reserve asset for the U.S.
This transfer that might considerably affect BTC’s worth and market dynamics.
On the time of writing, Bitcoin was buying and selling at $67,000, reflecting a downturn on every day charts as per CoinMarketCap.
Nevertheless, with the Relative Power Index (RSI) at 62, the market exhibits robust bullish sentiment, suggesting that the latest drop could merely be a short-term fluctuation.
Supply: TradingView
