Election Odds Drop Affecting Crypto Market Dynamics

According to Polymarket data, Donald Trump’s chances of winning the presidency dropped by 4.5% just three days before the results were announced. This decline coincided with a noticeable pause in directional movements within the broader
cryptocurrency
market, including Bitcoin


$
69,677
and altcoins.
Contents
Trump’s Majority Decreases in Some States
Pause in Bitcoin and Altcoin Activity
Trump’s Majority Decreases in Some States
Last week, former President Trump had a victory probability exceeding 60%, according to Polymarket data. However, by Friday night, this percentage saw a 4-point drop. Currently, Trump’s advantage stands at 58.1%, indicating a 16-point lead over his opponent, Kamala Harris.
Kamala Harris is making gains against Trump in Wisconsin and Michigan. Nevertheless, Trump maintains a strong lead in states such as Arizona, Pennsylvania, Nevada, and Georgia. Polymarket commented on this situation, stating:
Pause in Bitcoin and Altcoin Activity
After rising to $73,000 at the beginning of the week, Bitcoin prices fell below $70,000 by the end of October. The correction occurred yesterday, causing similar declines in altcoins such as ETH, SOL, and XRP. An analyst named Checkmatey noted:
The BlackRock Bitcoin ETF, IBIT, has gained attention with total inflows exceeding $26 billion over the past two weeks. Approximately 180,000 BTC held by long-term owners have transitioned to significant ETF buyers, reducing risks. Meanwhile, Ethereum


$
2,510
‘s price has fallen below $2,500, leading some traders to anticipate further declines. However, if ETH maintains its support, a recovery may be possible.
In conclusion, Donald Trump’s declining election odds have created uncertainty in the
crypto market
. As investors reassess their strategies based on the election results, Bitcoin and altcoins are being affected by these developments. As market fluctuations continue, it may be beneficial for investors to remain cautious.
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Disclaimer:
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.