The odds of Donald Trump winning the 2024 presidential elections soared to an all-time high on a cryptocurrency-based prediction market after the ex-President survived an assassination attempt during an election rally.
What Happened: The so-called world's largest prediction market, Polymarket, saw the chances of Trump securing another term bump to 70% Sunday.
The election odds were around 40% at the start of the year and gradually rose to 53% in February, before going downhill in subsequent months.
However, bettors began to rally for him as the presidential hopeful dramatically amped up his pro-cryptocurrency since mid-July.
The odds of incumbent Joe Biden returning to office are at 18% at the time of writing.
See Also: SEC Ends Investigation Into Paxos, Marking Win For Crypto Industry
Polymarket is a decentralized prediction market that allows users to bet on major global events using cryptocurrencies. Users can buy or sell outcome shares, which can be redeemed for $1 if the outcome is correct, and become worthless if it’s incorrect.
Why It Matters: Trump escaped an attempt at his life at a campaign rally in Pennsylvania on Saturday when a bullet hit his right ear.
Leading cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD rallied strongly on this development, with analysts interpreting this as the market’s “bullish bias” toward pro-Trump news.
The Republican contender has gained popularity among aficionados due to his newfound interest in cryptocurrencies, even positioning himself as the “crypto president.”
Price Action: At the time of writing, the Trump-inspired Maga Coin TRUMP/USD was exchanging hands at $7.67, surging 48% over the week, according to data from Benzinga Pro.
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