Bitcoin Could Rally to $80,000 on the Eve of US Elections
The post Bitcoin Could Rally to $80,000 on the Eve of US Elections appeared on BitcoinEthereumNews.com.
Bitcoin has experienced wild price swings since Vice President Kamala Harris announced her candidacy for the U.S. Presidential election in July 2024. The largest cryptocurrency attempted to test its previous all-time high of $73,738 on Oct. 29, 2024, with no success. Traders expect higher volatility closer to elections and in the aftermath of the event. Crypto prediction markets like Polymarket and Kalshi provide insight into crypto traders’ views. Polymarket sees about $3.21 billion in trading volume as participants wager on the winner of the November elections. Harris’ opponent, former U.S. President Donald Trump, is a clear favorite, with 61.1% bets in his favor, on Polymarket. Presidential election Winner 2024 bets on Polymarket | Source: Polymarket.com Kalshi, a prediction market regulated by the U.S. Commodity Futures Trading Commission places the odds of Trump’s win at 56.8% against Harris’ 43.2%. The betting contract has drawn $234.98 million as of November 5, 2024. Kalshi betting contract on “Who will win the Presidential Election?” | Source: Kalshi.com The efficacy of betting markets in predicting a winner in the election remains debatable, however it sheds light on the sentiment among crypto traders. Trump rallied crypto traders’ support with his pro-crypto approach to regulation, and speech at the Nashville Bitcoin Conference. The former U.S. President shared his plans for a national Bitcoin reserve and proposed making the States a world leader in BTC mining. The former President’s plan is that the U.S. will hold 100% of the Bitcoin in its possession. Harris’ “Opportunity Agenda for Black Men” is a proposal that reflects the Vice President’s stance on crypto, while much detail is left out, it points at a measured approach to the asset class. U.S. markets won’t be open late on Tuesday, as states tally votes, however crypto is a major exception and a Trump win…
Filed under: News - @ November 5, 2024 10:27 pm