As the 2024 U.S. presidential election narrows, Bitcoin (BTC) has slipped below the $70,000 mark, trading at $68,500, down nearly 0.50% over the last 24 hours.
With both candidates generating polarized support, the outcome is anticipated to have a significant impact on the cryptocurrency market. A potential Trump victory is viewed by many as a bullish scenario for Bitcoin, given his previous administration’s relatively hands-off stance toward regulation.
The prediction market platform Polymarket shows significant volumes of trading, with over $1.27 billion staked on Trump and about $804 million on Harris, highlighting the intense public interest and market confidence in the outcome.
Based on the latest prediction data, former President Donald Trump holds a strong lead with a 61.1% chance of winning the 2024 U.S. presidential election, while Kamala Harris trails with a 38.9% probability.
Historically, the Trump administration favored a laissez-faire approach to crypto, which some analysts argue could fuel BTC gains if he secures another term.
Bitcoin’s recent dip aligns with increasing election uncertainty. Market participants are closely watching the impact of a Harris or Trump win on regulatory policy and economic outlooks.
With the U.S. dollar also strengthening as a safe-haven asset amid election uncertainty, Bitcoin’s appeal as a hedge against economic instability appears muted for now.
Additionally, the Federal Reserve’s upcoming policy decisions add another layer of complexity, with potential rate cuts that could further influence the dollar and Bitcoin.
On the other hand, a Harris administration might be more inclined toward regulatory oversight, which could introduce challenges for the cryptocurrency.