30s Summary

Bitcoin’s price has shown fluctuations that correlate with the changing odds of Donald Trump winning the presidential election, according to betting market Polymarket. When Trump’s odds rose as high as 67%, Bitcoin was bordering an all-time high of $73,700. However, as Trump’s odds fell below 53%, Bitcoin’s price also dropped to $67,600. The broader CoinDesk 20 Index also fell by 2.3% during the same period.

Full Article

There’s an old saying on Wall Street, “Markets hate uncertainty.” Just about four days ago, bitcoin was on the edge of setting a new all-time high and breaking the $73,700 mark. Some believe this surge was assisted by the momentum crypto-friendly presidential candidate Donald Trump was receiving.

According to betting market Polymarket, Trump’s odds at victory had risen as high as 67% at this time, causing his opponent Kamala Harris’ chances to drop to 33%. But as of recently, the odds have shifted with Trump’s odds dropping and Harris’ rising, leading to a drop in bitcoin’s price. At one point, Trump’s victory chances fell below 53%, with Harris’ odds growing above 47%, and bitcoin’s price fell to $67,600. While Trump and bitcoin seem to be picking up again as of this writing, with Trump at 56% and bitcoin at $68,300, bitcoin is still fell by more than 2% in the past 24 hours.

Comparatively, the broader CoinDesk 20 Index had a decrease by 2.3% over the same time period, with Cardano (ADA) and Avalance (AVAX) underperforming significantly by dropping almost 6% each.

Many observers have found intriguing the apparent correlation between Trump’s election odds and the bitcoin pricing. As stated by analyst Miles Deutscher, “It’s crazy how correlated bitcoin price action is to Trump’s election odds.”