Just four days ago, Bitcoin (BTC) was on the brink of setting a new all-time high, coming within mere dollars of surpassing $73,700. This rally in BTC's price may have been partly driven by rising support for crypto-friendly GOP presidential candidate Donald Trump, whose popularity surged in online betting markets.
During this period, Trump’s odds on Polymarket peaked at 67%, while his competitor Kamala Harris saw her chances dip to 33%. However, the landscape shifted quickly. In recent days, Trump’s odds dropped, followed by a decline in Bitcoin and other major cryptocurrencies. Overnight, Trump’s probability of winning fell to just under 53%, with Harris closing in at 47%. Simultaneously, Bitcoin fell to a low of $67,600.
As of Sunday morning in the U.S., both Trump’s odds and Bitcoin’s price showed slight recoveries. Trump’s standing on Polymarket improved to 56%, while Bitcoin rebounded to $68,300, still down over 2% in the last 24 hours. The broader crypto market also reflected this trend, dipping 2.3% in the same period. Leading altcoins like Cardano (ADA) and Avalanche (AVAX) each dropped nearly 6%, highlighting the market's cautious sentiment amid these fluctuations.