Trump’s Election Odds Hit New Highs!

Will Bitcoin Hit New ATH ?

Oct 30, 2024

Donald Trump Crypto Donations Surge to $7.5M Ahead of US Election 2024

As the U.S. election approaches, market sentiment is shifting, especially in cryptocurrency. Recent developments surrounding Donald Trump’s odds on Polymarket are fostering optimism among analysts, who foresee potential regulatory reforms that could benefit Bitcoin and other digital assets.

Trump's Rising Odds

Donald Trump’s chances of winning the upcoming election have reached new heights on Polymarket, with a current estimate of 66.4% against Vice President Kamala Harris. This significant lead has raised hopes for a “Republican trifecta,” where the GOP controls the presidency, the Senate, and the House. Analysts now predict a 48% likelihood of a Republican sweep, up from earlier estimates of 28%.

Impact on Crypto Regulation

Analysts from Presto suggest that a Republican majority in both legislative branches could pave the way for crypto-friendly legislation. Among the bills awaiting Senate approval is the FIT21 market structure bill, which could reshape the regulatory landscape for cryptocurrencies. The current political climate has heightened interest in these reforms, particularly as major firms like Consensys face setbacks due to strict SEC regulations.

Market Reactions

The anticipation of Trump’s possible victory has influenced the Bitcoin market. The Price of Bitcoin has surged past $73,000, nearing its previous all-time high. Many investors believe this uptick is linked to expectations of clearer regulations from a Republican-led government.

As of writing Bitcoin Price was trading at $ 72,262.19 with 1.8% Increase in last 24 hours as per Coinpedia Markets data.

For a deeper dive into Bitcoin Price Prediction and market trends, check out our detailed analysis.

Growing Interest in Bitcoin ETFs

There has also been a marked increase in investments in Spot Bitcoin ETFs. Since early October, nearly $4 billion has flowed into these funds, reflecting growing demand for direct exposure to Bitcoin. Companies like MicroStrategy, which hold significant Bitcoin reserves, have seen their stock prices rise to 52-week highs.

Polymarket's Popularity

Polymarket has become a key player in election betting, with total volumes reaching $3 billion. The platform's user base has expanded dramatically, from just 4,000 active bettors at the beginning of the year to nearly 200,000 today. Despite some skepticism about Polymarket’s predictive accuracy, its CEO maintains that the platform operates on a non-partisan basis.

Donald Trump’s rising odds are influencing political sentiment and driving excitement in the crypto market. With analysts predicting favorable changes in regulatory policies, investors are closely watching these developments as Bitcoin approaches new highs.