“Markets hate uncertainty,” goes an old Wall Street saw.
Just about 96 hours ago, the price of bitcoin (BTC) was within a few dollars of breaking through its all-time high above $73,700, perhaps helped along by a surge in momentum for crypto-friendly GOP presidential candidate Donald Trump.
At that time, Trump’s victory chances on betting market Polymarket had risen to as high as 67% (with his opponent Kamala Harris’ chances dropping to a corresponding 33%).
Since, though, Trump’s odds have been falling, as has the price of bitcoin and cryptocurrencies in general. At one point overnight, the former president’s victory chances declined to less than 53% (with Harris rising to above 47%). Alongside, bitcoin fell to as low as $67,600. At press time, during the U.S. morning hours Sunday, both Trump and bitcoin have come back a bit, with Trump sitting at 56% and bitcoin at $68,300, lower by more than 2% over the past 24 hours.
“It’s crazy how correlated bitcoin price action is to Trump’s election odds,” wrote analyst Miles Deutscher on X.