• Crypto & Funx
• 01 Nov, 2024

US Presidential election has a clear winner, Donald Trump according to Polymarket.

The crypto industry wants a pro-crypto President to emerge.

Bitcoin price has topped a new all-time high amid the positive sentiment.

According to data from the decentralized prediction market platform Polymarket, the winning odds are significantly in favor of Republican presidential candidate . The former president of the United States of America saw his chances of winning the election climb to 99%, leaving his Democratic rival Kamala Harris with a meager 1%.

Battle for Pro-crypto President in America

The new data reflects a huge jump from 58%, where the odds stood as of 7 PM on Tuesday. AP News says Trump is leading in the vote count as he has already secured 267 electoral votes against Harris as of writing. The DNC candidate has only 224 in the race to reach 270 votes.

“This Presidential market resolves when the Associated Press, Fox, and NBC all call the election for the same candidate. In the unlikely event that doesn’t happen, the market will remain open until inauguration and resolve to whoever gets inaugurated,” Polymarket stated.

Should Trump win, the crypto landscape in the US may pivot. Before now, the 78-year-old politician expressed his skepticism towards the crypto ecosystem. Suddenly, he became a top industry proponent, calling himself the “Crypto President”. Donald Trump endorsed several aspects of the crypto industry as part of his campaign strategy.

Harris also kicked off a crypto campaign as the competition got tougher, voicing her intention to support blockchain and its related offerings. However, Trump is considered a more positive candidate for the future of the crypto industry in America.

The bullish sentiment seen in the crypto market as Trump’s odds increased is a clear indication.

Bitcoin and Altcoins React to Donald Trump’s Odd Surge

Bitcoin has recently climbed, reaching farther than its All-Time High (ATH). The price of the coin exceeded $75,361, marking a new ATH. At the time of this writing, the flagship cryptocurrency traded at $73,600, corresponding to a 6.93% increase in the past 24 hours. Its market cap has also climbed to $1.45 trillion, representing almost 60% of the total crypto market cap.

It is worth noting that Bitcoin’s price slipped to as low as $66,853 before it later rebounded to above $68,700. Due to the heightened volatility, more than $200 million was liquidated from the crypto-leveraged market, with over $148 million involving the long traders.

Ethereum is also seeing a bullish rally. The largest altcoin by market cap has registered a 6.06% increase in the last 24 hours and is now trading at $2,591.41. Its trading volume is almost up at the moment. CoinMarketCap data shows this metric has surged 83.68% in the last 24 hours. Solana and other altcoins also registered strong growth.

Dogecoin , endorsed by Trump supporter Elon Musk, gained 26.64% in the past 24 hours. Meanwhile, the US Securities and Exchange Commission’s () regulation by enforcement strategy may end.