Amid a minor dump in the crypto market, the general masses anticipate a volatility spike. The 47th presidential election in the United States will drive this incoming increased uncertainty and speculations.
As the Democrats and Republicans try to lure the 21% crypto-holding American Population, the elections could drive the markets this month. So, let’s take a closer look into the US elections, the candidates, and the broader market anticipations over Polymarket.
Democrats and Republicans Maintain Pro Crypto Balance
As the US presidential elections are inching closer, the crypto market is paying close attention to both candidates. With Donald Trump facing against Kamala Harris, who replaced Biden recently, the crypto market is looking to pick a candidate with a better pro-crypto propaganda.
In American constituencies, slightly more than one-fifth of the total population owns cryptocurrency. This makes it a large majority of the voting population and could likely shape the outcome of the 47th presidential elections. While the Democrat and Republican parties are maintaining a pro-crypto balance, Donald Trump has been known to be a pro-crypto leader for a longer period of time.
PolyMarket supports the chances of Trump’s win, showing a higher percentage of chances of Trump coming out victorious. Regarding the numbers, 57% of the PolyMarket users have bet more than a billion dollars supporting the Republican win.
In addition, Elon Musk, the Doge father, supports Donald Trump and has improved his image among American crypto users. Hence, the broader crypto sentiment is supporting the Donald Trump side.
Will the Increased Volatility Help Bitcoin Reach All-time High?
Amid the increased volatility and speculations in the crypto market, the chances of Bitcoin hitting a new all-time high could significantly increased. Currently, Polymarket shows 82% chance of Bitcoin reaching a new ATH in 2024.
The increased volumes and speculations during the US presidential election could provide enough momentum for Bitcoin to cross $73,600. This will result in a new all-time high and could start the November rally.
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