Trump - Harris Odds Close on Polymarket, Bitcoin "Holds Its Breath" Around $68,000
Bitcoin Price Adjusts Slightly to Around $68,000, Altcoins Bleed as 2024 US Presidential Election Approaches.
With just 1 day left until the 2024 US Presidential Election, the entire crypto market is "holding its breath" waiting for the results.
The race to the White House is not much related to cryptocurrencies, but this year there has been a turning point when candidate Donald Trump pioneered crypto policies as a way to attract voters.
Bitcoin price has increased to $73,600, approaching its historical peak, thanks to a "huge" buying force of up to $2.22 billion from ETFs, and also thanks to the hope that Trump will win the election when the betting odds on Polymarket are leaning towards this candidate.
However, 30 is not yet Tet, the election has not taken place so nothing is certain. Last weekend, the market witnessed BTC dump strongly to 67,800 USD when the betting balance gradually rebalanced.
Specifically on Polymarket, the betting rate for Ms. Harris increased from 33% on October 30 to 44%. Correspondingly, the rate for Mr. Trump also decreased, from 66% to 56%.
According to CoinDesk's analysis, the increase in Ms. Harris' rate may be due to traders wanting to hedge their risks after placing large orders on Trump. Thus, it can be seen that the majority of users on Polymarket "chose" Trump to win rather than Harris.
There was even a “whale” betting $30 million on Trump, pushing the odds of Trump winning the election to suddenly “jump” to 99%, raising suspicions that Polymarket was manipulated.
However, Polymarket is just a prediction platform, and cannot represent the current trend of American voters. On the contrary, mainstream media shows that Trump is “losing ground” against his opponent.
The survey company Real Clear Polling released data showing that Trump has a smaller advantage, only around 48.5-48.4%.
Or as the famous political bettor with the nickname Domer posted on X that Ms. Harris has a 55-60% chance of becoming the next President, based on many polls and voter behavior trends.
The BTC price correction has “disintegrated” the Altcoin market. Ethereum is only priced around $2,460, continuing to be the focus of criticism from the community for its poor performance.
The memecoins that led the growth in the past period are also the ones that are currently losing the most.
In the past 24 hours, there have been $228 million worth of liquidations, with over 60% of them being long orders.
