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A surprising correlation has emerged between Bitcoin’s value and the U.S. presidential election odds. According to analyst, Bitcoin (BTC) has responded to changes in the 2024 U.S. Presidential race odds sparking speculation among investors. The Bitcoin-Election Correlation When compared with the Polymarket data, it reveals that as Donald Trump’s lead in the odds hit approximately 56%, the Bitcoin chart illustrated a bullish path. On the contrary, when Kamala Harris gained momentum and her odds rose to approximately 43%, the cryptocurrency immediately exhibited a bearish turn. If Trump odds rise: #Bitcoin immediately pumps. If Harris odds rise: #Bitcoin immediately dumps. Expect some extreme volatility! pic.twitter.com/qwj98yGL1a — Crypto Rover (@rovercrc) November 4, 2024 Crypto Rover, a noted market analyst, shared on his X (formerly known as twitter) post that this dynamics has created a state of heightened alert among investors. As the analyst explained, Trump-driven confidence appears to trigger a BTC rally, while Harris’s odds provoke a swift downturn. This correlation may stem from investor’s perceptions of how each party would influence the crypto regulation policies. Graph illustrating Bitcoin’s trends to pump when Trump’s chances improve and value appears to dump when Harris’s chances surge (Source: X Post) Bitcoin‘s immediate response to the election odds makes the trend more significant. The volatility is not just theoretical as it abrupts into market moments that make trading highly speculative. The crypto market, known for its unpredictability, now seems to be tied to political changes and developments. This scenario adds another layer of complexity to the crypto industry. Election Year Strategy These insights are crucial for crypto traders as they navigate a market that’s becoming increasingly sensitive to political outcomes. Given BTC’s historic reactions to various forms of global news, the prospect of high volatility could make or break trading portfolios. Analysts are urging caution,…

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Filed under: News - @ November 4, 2024 11:28 am