Bernstein analysts said in a note that Donald Trump outlined six cryptocurrency pledges on Saturday, including the establishment of a national strategic bitcoin reserve after his election, while Kamala Harris appeared to extend an olive branch to the industry, that cryptocurrencies "are no longer a bipartisan issue" and that bitcoin and related stocks would benefit from a "Trump trade." "We think this olive branch is a bit late and the industry will be looking for more concrete action [to reverse previous mistakes] before embracing the Democratic campaign," said analysts at Bernstein. The analyst added: "It seems clear to the crypto community and industry that crypto is no longer a bipartisan issue, with bitcoin prices rising as the likelihood of a Trump presidency increases and fluctuating in ranges as President Biden endorses Harris as a potential successor to the Democratic nominee. We believe that the crypto market will trade solely on the direction of political developments until the election results are announced in early November."