“Markets hate uncertainty,” as the old Wall Street saying goes.
Just 96 hours ago, Bitcoin (BTC) was close to breaking its all-time high of $73,700, likely buoyed by rising support for crypto-friendly GOP presidential candidate Donald Trump. Betting market Polymarket had Trump’s victory odds as high as 67%, with his opponent Kamala Harris at 33%.
However, since then, Trump’s odds have dropped, as has the price of Bitcoin and other cryptocurrencies. Overnight, Trump’s odds slipped to below 53%, with Harris rising above 47%. Bitcoin followed suit, dipping to as low as $67,600. As of Sunday morning in the U.S., both have rebounded slightly, with Trump at 56% and Bitcoin at $68,300, down over 2% in the last 24 hours.
The broader CoinDesk 20 Index is down 2.3% over the same period, with Cardano (ADA) and Avalanche (AVAX) notably lagging, each down nearly 6%.
“It’s crazy how correlated Bitcoin price action is to Trump’s election odds,” commented analyst Miles Deutscher on X.
