Crypto Slumps Alongside Trump's Victory Odds on Polymarket as Uncertainty and Profit-Taking Rise
Growing uncertainty surrounding the upcoming U.S. presidential election is contributing to a decline in cryptocurrency values. Bitcoin (BTC) has dropped 1.9% to $70,600, while the CoinDesk 20 index fell 3.9%, with ether (ETH) down 5.3%. The odds of crypto-friendly GOP candidate Donald Trump winning have decreased from 67% to 61%, while Democrat Kamala Harris's odds increased from 33% to 39%. Trump's Media Group stock has fallen 34% after a previous surge. Broader markets are also struggling, with the Nasdaq down 2.4% and the S&P 500 down 1.6%. Analysts suggest that uncertainty from both parties and external factors like tech earnings and geopolitical tensions are influencing market behavior. Some traders are also engaging in profit-taking after recent gains in Bitcoin. The correlation between Trump's election odds and Bitcoin prices has been noted, with potential for increased correlation as election day approaches.
