What Does Donald Trump Lead Over Kamala Harris Mean For Crypto Market?
Highlights
- Donald Trump now have a higher winning odd on Polymarket
- This move comes after Elon Musk joined Trump's rally
- The growing odds might translate to a win for Trump and crypto
The winning odds are turning in favor of Republican Presidential Candidate Donald Trump. Many Polymarket bettors have tipped the 78-year-old politician over his Democrat counterpart, Kamala Harris.
Donald Trump Leads Winning Odd by 8% on Polymarket
According to Polymarket data, Trump is leading at 53.6% while Harris is at 45.6%. This has been the trend since an outstanding pivot from when Kamala Harris led the race weeks back. She was way ahead of Trump until sometime in August when the Democratic National Committee (DNC) released its party platform despite shunning cryptocurrencies.
Following the stunt, Donald Trump immediately regained the lead in betting markets.
When Russian President Vladimir Putin publicly endorsed Harris, there were concerns that she would outrun Trump. Instead, the Republican presidential candidate surged ahead of her by 7% points on Polymarket. The latest development could be attributed to Elon Musk’s recent effort.
Elon Musk boosted Trump’s win odds by attending the former President’s rally in Butler, Pennsylvania. While there, he expressed his support for Donald Trump by wearing a unique ‘Make America Great Again’ cap and declaring himself as ‘Dark MAGA.’
This action boosted the price of the underlying memecoin and might have pushed the winning odds forward. At this rate, Kamala Harris may need to put in more effort and a stronger PR to win the 2024 Presidential elections.
Robinhood CLO to Replace Gary Gensler
The growth in the Polymarket winning odds of Donald Trump might favor the crypto industry. If these odds are sustained and translate to an actual win, it might lead to a change in the leadership of the US SEC. In earlier reports, Trump has reiterated his plans to fire Chairman Gary Gensler from office.
If these events play out, there are reports that Donald Trump plans to replace him with Robinhood CLO Dan Gallagher. Several key crypto industry players believe this change will offer a potential shift in the regulatory landscape. Amongst many factors, Gallagher’s past experience as an SEC commissioner and his current role at Robinhood make him a favorite among many in the financial sector.
His legal expertise and political background also strengthen his position for the top SEC role. Gallagher is one of those who constantly spoke against the SEC’s policy under Gensler’s leadership.
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