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The price of bitcoin climbed to $60,000 on Tuesday morning, representing a spike of 2.75%. In contrast to this, the price of ethereum, the world’s second-largest cryptocurrency, dropped to around $2,700, reflecting a 0.64% dip for the cryptocurrency.

According to analysts at Bernstein, the U.S. political atmosphere is weighing heavily on market prices.

“Our interpretation of current market sentiment is that a Trump win is bullish, and Harris win is bearish (at least in terms of the immediate market reaction),” Bernstein analysts wrote in a new report.

“The rising shares of [Vice President Kamala] Harris on Polymarket has made the crypto markets nervous, with Bitcoin being range bound and unable to reclaim its previous June highs of [$70,000],” Bernstein analysts explained. According to the most recent Polymarket live polling , Harris has a 52% chance of winning the upcoming presidential contest.

In contrast to this, former president Donald Trump has a 45% probability of winning, according to crypto gamblers on Polymarket. Despite the comparatively lower odds, crypto gamblers have poured more money into the likelihood of Trump winning – more than $73 million compared to the over $63 million bet on Harris.

Some crypto gamblers have also thrown their support – and $50.5 million in cryptocurrency – behind former First Lady Michelle Obama, who is not running for president. Obama, however, is currently trailing Harris and Trump in third place on the crypto gambling platform, boasting only a 1% chance of gaining the presidency.

Amid the ongoing speculation in prediction markets about who will win the top electoral seat in November, bitcoin is still scrambling to return to a recent all-time high of $73,700, which it last reached this spring. In recent weeks, the cryptocurrency has buffeted a sharp decline in value amid fears of a global recession.