Harris Odds Rise on Polymarkets: What Will Happen With US Election Crypto?

Author
Last updated on:
Fact Checker's Full Profile
Fact Checker
Author's Full Profile

US election odds for Kamala Harris are rising as crypto betting markets shift bullish on the prospect of Kamala win on November 5.

As the U.S. presidential election approaches, the betting platform Polymarket is witnessing rising odds for Kamala Harris, with her chances climbing from 33% to nearly 39%.

Moreover, October’s job report shows the economy is starting to grow under Biden and Kamala. As they frame it, “Vote for Kamala Harris to continue the momentum!”

Here’s who the Polymarket bettors think will win the election in light of new information.

Kamala Harris: The Mechanics of Market Movement

Polymarket is a prediction market where users can bet on various outcomes, including political races. Traders purchase “shares” with the potential to earn $1 each if their predictions prove correct.

As of now, a surge in Harris’ share price indicates heightened expectations of her victory, despite Donald Trump maintaining a 62% probability, making him the current favorite.

Harris’ rising odds are speculated to be a result of traders hedging their bets. Large trades exceeding $10,000 suggest significant investments in Harris, possibly as a safeguard against a potential Trump loss.

This hedging strategy allows traders to mitigate risks associated with electoral unpredictability.

After all, Trump is already calling for election fraud in Pennsylvania and suing CBS for fraud as well.

DISCOVER: Best New Cryptocurrencies to Invest in 2024 – Top New Crypto Coins

Impact of Voting Irregularities and Polls

Reports of voting irregularities (setting ballot boxes on fire)  have also influenced market behavior, causing traders to reassess their positions. These allegations, coupled with traditional polls showing Harris leading in battleground states like Michigan, Pennsylvania, and Wisconsin, could be swaying sentiment.

Newsweek highlighted the importance of these states, noting Trump’s need to secure at least one for a win.

(Polymarket)

The dynamic nature of Polymarket means every trade impacts the odds, leading to potential volatility. Low liquidity can cause dramatic price swings, as seen when a significant purchase temporarily drove Trump’s odds to 99%.

Crypto Betting Markets and Election Odds on Polymarket

Crypto is on the ballot this election cycle, with both candidates outlining their approach to digital currencies. That said, the fluctuating election odds have rippled into the crypto markets, with some attributing recent downturns to Trump’s declining prospects on Polymarket.

The CoinDesk 20 Index, for instance, dropped 4.4% within 24 hours, reflecting the intertwined nature of political events and crypto market reactions.

 Notably, a user named Clumpyclumsy has invested over $250,000 in Harris “yes” shares, underscoring the high stakes involved.

With the election looming, Kamala Harris’ climbing odds on Polymarket highlight that this election will be closer than anyone would like. Why can’t we get a landslide victory for once?! For traders and spectators alike, cracking the code of these interactions is key to surviving the wild ride of prediction markets.  As for crypto, we’ll see if either candidate keeps their promises.

RELATED: Crypto Mayor Unveils Satoshi Nakamoto Statue In Switzerland. And Why Did Tether CEO Shift Base To Lugano?

Join The 99Bitcoins News Discord Here For The Latest Market Updates

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.
Isaiah Mccall

Isaiah McCall is an ultramarathon runner and journalist for 99Bitcoins. He started at USAToday in 2019 and now has a Medium blog following of 30k+ and millions of views. Follow him at @AfroReporter Read More

Free Bitcoin Crash Course

Learn everything you need to know about Bitcoin in just 7 days. Daily videos sent straight to your inbox.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service
We hate spam as much as you do. You can unsubscribe with one click.