Bernstein: Despite recent market volatility, cryptocurrencies have no incremental negative impact

"Bitcoin and crypto markets overall are likely to be shaped by macro and election cues through much of the third quarter of 2024," Bernstein analysts wrote in a report Monday morning, highlighting the digital asset's interconnectedness with broader economic and political trends. The report noted that Bitcoin experienced a sharp pullback over the weekend and continued its plunge on Monday, due to "stock market panic" and broader economic concerns rather than issues specific to cryptocurrencies. Despite recent volatility, Bernstein remains optimistic about Bitcoin's long-term prospects. "We do not see any incremental negative impact on cryptocurrencies," the report asserted. "Bitcoin's institutional adoption trend - ETF inflows and approval from large securities firms/banks - remains on track." (Decrypt)