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Deythere > News > News > Why is Bitcoin Rising? Bernstein Analysts Explain 5 Key Reasons
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Why is Bitcoin Rising? Bernstein Analysts Explain 5 Key Reasons

illustrating a bullish trend for Bitcoin featuring a strong charging bull with the Bitcoin logo. The bull is depicted ascending a
Milena Volodina
Last updated: September 23, 2024 2:22 pm
By
Milena Volodina
Published September 23, 2024
3 Min Read
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According to analysts at Bernstein, the crypto community is still waiting for more clarity and follow-through from Kamala Harris on her crypto policies. They suggest that crypto sentiment would be stronger with a Trump victory. Additionally, analysts have highlighted five major reasons behind the recent surge in Bitcoin’s price.

Contents
  • Kamala Harris’ Remarks Spark Bitcoin Rally
  • “Crypto Sentiment Would Be Stronger with a Trump Victory”
  • ETF Flows and Easing Monetary Policy
  • Fed Rate Cut Fuels Bitcoin Surge
  • Bitcoin Mining Stability and Halving Impact

Kamala Harris’ Remarks Spark Bitcoin Rally

As noted on Deythere, Bitcoin saw a 10% increase last week, while Ethereum gained 17%. Analysts from research firm Bernstein outlined five main drivers of this rally, along with future outlooks. One of the factors is a speech by Democratic candidate Kamala Harris, who, at a recent Wall Street fundraiser, pledged to promote crypto trading while protecting consumers. This bipartisan potential for crypto support has eased some concerns within the community. Analysts Gautam Chhugani, Mahika Sapra, and Sanskar Chindalia noted:

“This is Harris’ first clear statement involving ‘digital assets,’ contrasting with Trump’s specific policy promises. Nevertheless, the crypto community is somewhat reassured by signals of support from both candidates.”

“Crypto Sentiment Would Be Stronger with a Trump Victory”

Despite Harris’ statement, Elizabeth Warren’s “anti-crypto army” messages and the ongoing SEC cases against crypto companies have caused uncertainty. Analysts believe that the crypto community seeks more policy clarity from Harris. The analysts added:

“We continue to believe that crypto sentiment would be stronger with a Trump victory, as it signals a fresh policy start and broader regulatory support for Bitcoin, DeFi, and NFTs.”

depicting Bitcoins rise with a focus on a powerful bull symbolizing a bull market. The bull is charging upward with the Bitcoin l

ETF Flows and Easing Monetary Policy

Regardless of the election outcome, analysts expect the momentum for major crypto assets to continue, driven by Bitcoin and Ethereum ETFs. Spot Bitcoin ETFs have remained net positive, with $397.2 million in net inflows last week, bringing total inflows to $17.7 billion. Analysts believe that new approvals will continue, and after a waiting period for advisor demand, they expect inflows to accelerate.

Fed Rate Cut Fuels Bitcoin Surge

Another factor driving Bitcoin’s rise was the Federal Reserve’s surprise 50-basis-point rate cut. According to Chhugani, Sapra, and Chindalia, Bitcoin is reacting to looser monetary policies and a weaker U.S. dollar, which is favorable for Bitcoin. The analysts highlighted:

“The U.S. national debt has now reached ~$35 trillion. Bitcoin is seen as an alternative, non-sovereign asset that holds relative value, similar to gold, especially if the government continues fiscal excesses.”

Bitcoin Mining Stability and Halving Impact

The final key factor is the recovery in Bitcoin mining after the April halving event. Surviving miners have stabilized the network’s hash power, which has returned to pre-halving levels, with record highs seen earlier this month. The reduction in major BTC sales, following government liquidations and Mt. Gox fund distributions, has also helped alleviate market fears.

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ByMilena Volodina
Milena Volodina is a blockchain strategist and cryptocurrency expert with 9 years of experience in the industry. With a background in finance and technology, Milena has worked on numerous blockchain projects, including the development of decentralized finance (DeFi) platforms and blockchain-based financial services. Her expertise in both the technical and financial aspects of blockchain technology allows her to provide a comprehensive view of the industry. At DT NEWS, Milena offers readers expert analysis and insights into the latest trends and innovations in the blockchain and cryptocurrency world, ensuring they stay informed about key developments.
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