In an unexpected twist to the tale, odds from the decentralized prediction platform Polymarket have declared Donald Trump (Trumps Winning) a staggering 99% likely to win the U.S. presidential election. Given this massive momentum, Trump can easily reclaim the Oval Office, where a lot in the crypto space will be counting on the benefits of a pro-crypto Trump presidency for digital assets.
Trumps Winning Odds Skyrocket
An exchange with a more data-driven approach, Polymarket, showed Trump jumping from 58% on Tuesday night to 99% as of now! That spike is a huge electoral vote gain, with Associated Press putting Trump at 267 electoral votes to Kamala Harris with a meager 224 votes. The market will shut down as soon as the same candidate is declared the winner by a major network (the Associated Press, Fox News, NBC, etc.). If this alignment fails to materialize, the market will not close until the official opening.
Crypto’s Dream of a Crypto-Friendly President
With cryptocurrency in focus as the election results come in, the cryptocurrency community is crossing its fingers that Trump can lead the nation out of its current state now that he has taken a turn toward pro-crypto leadership. Flip Flop Trump actively campaigned as ‘Crypto President.’ He went from skeptic to embracing his role as the ‘Crypto President’ in his campaign. Positive sentiment across crypto markets has in part been driven by the Republican candidate’s commitment to implementing blockchain technology and crypto-friendly regulations within his administration.
Although Democratic candidate Kamala Harris spoke of her new support for blockchain too, the direct Trump endorsement has put him ahead in the digital asset space. Even before his election, his policy promises ignited interest among investors who firmly believe the U.S. is headed for a more favorable atmosphere for crypto innovation in the hands of the new president.
Bitcoin Soars New ATH
The resurgence of Trump’s winning odds has coincided with an explosive rally in the world of cryptocurrencies. Bitcoin (BTC) recently bounced higher from the top end of the longer-term range and moved above $75,000 in price discovery. Bitcoin (BTC) is trading up 6.93% in the last 24-hours at $73,600, at a total market cap of $1.45 trillion, almost 60% of the total crypto market cap. Now that is quite a leap in Bitcoin price and a reflection of how bullish investors are about a potential second term for Trump as president.
Such volatility has resulted in excessive liquidations across the leveraged crypto markets, surpassing $200 million in the last 24 hours, mostly from long positions. Ethereum (ETH) followed suit, rising by 6.06%, trading at $2,614, while trading volumes increased by 83.68%.
Altcoins Follow Along With The Bulletin
Bitcoin’s price movement is not in a vacuum. It has seen massive price gains for leading altcoins, such as Solana (SOL) and Dogecoin (DOGE). Solana peaked at $184 while Dogecoin gained 26.64%, buoyed in part by Trump-supporting, crypto-loving Elon Musk. As all the crypto markets reacted positively, this price move signals that the investors are considering further upside if Trump becomes president.
We do not know what the future will bring environmentally, but we do not know what the future will bring policy-wise either, particularly due to the current activist stance of the U.S. Securities and Exchange Commission (SEC) and its regulation by enforcement approach. Trump’s support of a light-handed regulation framework has resonated with crypto proponents who see enforcement as stifling innovation. His re-election is also seen by many as an opportunity to advocate for crypto-friendly policies that can give more clarity to both investors and companies.
A New Era for Crypto?
However, Trump becoming an almost guaranteed nominee and turning into a pro-crypto candidate might just signal a turning point for the digital asset space in the US. This would involve boosting adoption, encouraging regulation, and the eventual entry of great institutions into the space—all things that his election would likely bring.
