Kamala Harris, the flagbearer for the democratic party has caught up with Donald Trump on Polymarket tying the Republican candidate man at 49% odds of winning the election.
This is a monumental shift for the democratic party which was seriously lagging when Joe Biden was its main candidate.
Kamala Harris’s chances on Polymarket improved from 44% to 49% while Donald Trump’s chances dropped from 70% in mid-July to 49%.
Polymarket is a decentralized prediction market platform that touts itself as the world’s largest prediction market in an interesting integration of Blockchain technology into Gambling.
Polymarket announced the new development in the United States Elections on its X page sharing an infographic on the new development.
“Kamala Harris is now tied with Trump.” The Polymarket Team Tweeted
The new development makes the November slated presidential elections in the United States very unpredictable and that could be detrimental to the prices of crypto assets.
How does this affect Crypto
On Monday, The Crypto market experienced a severe crash that saw various crypto assets dropping severely in price value. The market crash was caused by a combination of certain factors which were Macroeconomic or crypto-related.
However, one of the key causes of the market crash was the uncertainty surrounding the US presidential elections. Crypto holders in the US are opting to withdraw their assets not knowing the industry’s future in the country.
Nairametrics earlier reported the full breakdown of how the market crash affected Crypto assets.
Bitcoin dropped below $50,000 for the first time since February while Ethereum dropped to levels last seen in January
The entire crypto market lost over $1.12 billion to liquidations following the market crash. Over 286,370 traders were liquidated in the space of 24 hours. Over $936 billion liquidated from the over $1 billion belonged to long traders while about $163 million was from short traders.
Memecoins lost 23% of their market capitalization while the total market capitalization of all crypto assets dropped by 17.1% to $1.86 trillion following the crash.
The development of Kamala Harris tying with Pro Crypto Donald Trump adds to the uncertainty around the US elections and could adversely affect the price of crypto assets.
It is worth noting that Kamala Harris has made moves toward addressing the American crypto community as Crypto becomes a front-burner issue in the election debates.
Before Joe Biden stepped down, The Democratic Party was seen as slightly averse to the crypto industry due to stringent policies and persecution of top crypto entities in the industry.
It remains to be seen how Kamala Harris can reverse this perception in the few months leading to the elections.
What To Know
- Donald Trump’s Odds to win the election on Polymarket surged to 75% after his assassination attempt at a rally in Pennsylvania. The odds have currently dropped to 49% at the time of the report.
- Kamala Harris did not attend the Bitcoin 2024 conference in Nashville which Donald Trump attended and made big promises about promoting Bitcoin as an asset if elected.
