Donald Trump’s Winning Odds Hits 99%, Bitcoin Price Hits ATH of Over $75K

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As a seasoned analyst with over two decades of experience in the financial markets, I must admit that the recent surge in Donald Trump’s odds to win the U.S. presidency has piqued my interest, especially given his shifting stance towards cryptocurrencies.

Based on information from the prediction market platform Polymarket, which operates without a central authority, it appears that Republican presidential candidate Donald Trump has a very high probability of victory. The odds have shifted dramatically in his favor, currently standing at an impressive 99%, while his Democratic competitor Kamala Harris is now at only 1%.

Battle for Pro-crypto President in America

The fresh data shows an enormous increase from 58%, which represented the odds at 7 PM on Tuesday, according to AP News. At present, Trump is reportedly ahead in the vote tally, having garnered 267 electoral votes compared to Harris’s current total of 224. The objective for both candidates remains reaching the 270 votes needed to win the election.

Polymarket indicates that this Presidential market concludes once AP, Fox, and NBC announce the same person as the election winner. If it’s unlikely for all three to agree on a candidate, the market stays open until the inauguration and ends by declaring whoever gets sworn in as the winner.

If Trump were to be elected, the U.S. cryptocurrency environment might shift significantly. Previously, Trump had expressed his reservations about the crypto sector. However, he has since emerged as a strong advocate, dubbing himself the “Crypto President.” During his campaign, Donald Trump endorsed various facets of the cryptocurrency industry as part of his political strategy.

Harris launched a cryptocurrency initiative amidst increasing competition, expressing her desire to advocate for blockchain technology and its associated services. On the other hand, Trump is viewed as a more optimistic choice for the future of the crypto sector in the United States.

The bullish sentiment seen in the crypto market as Trump’s odds increased is a clear indication.

Bitcoin and Altcoins React to Donald Trump’s Odd Surge

Currently, Bitcoin (symbol: BTC) is soaring beyond its previous All-Time High (ATH), surpassing $75,361 for the first time ever. At the moment, it’s trading at approximately $73,801. This represents a significant 6.93% increase over the past 24 hours. Additionally, Bitcoin’s market capitalization has swelled to an impressive $1.45 trillion, accounting for nearly 60% of the entire crypto market cap.

It’s important to mention that Bitcoin’s value dropped as low as $66,853, but later bounced back and surpassed $68,700. Given the increased volatility in the crypto market, approximately $200 million was withdrawn from the leveraged sector, with around $148 million of that related to long-term traders.

The prominent cryptocurrency Ethereum (ETH) is experiencing a bullish surge, with its value rising by 6.06% over the past 24 hours to reach $2,591.41. Additionally, its trading volume has significantly increased, up by approximately 83.68%. Meanwhile, Solana (SOL), among other altcoins, is also displaying robust growth trends. The value of SOL has climbed by nearly 13.5% in the last 24 hours to reach $184.20. Its trading volume has also expanded noticeably, recording an increase of around 107.6% over the same period.

Dogecoin, backed by Elon Musk, a Trump supporter, surged by 26.64% within the last 24 hours. Concurrently, there are speculations that the United States Securities and Exchange Commission (SEC) might shift from its enforcement-focused strategy.

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2024-11-06 12:40