Markets
Trump’s Crypto Support Boosts His Chances in Prediction Markets
As the US presidential election approaches, Donald Trump’s commitment to cryptocurrencies sets him apart from the Democratic candidate and gives him a lead in prediction markets.
Trump has openly supported the digital assets industry, promising to bring the U into operation in this area and commute the sentence of the founder of Silk Road Ross Ulbricht. This pro-crypto stance is welcomed by the community and stands in stark contrast to the more reserved approach of the current administration.
Prediction markets like Polymarket and PredictIt reflect a positive shift in favor of Trump. Over the past week, Trump’s chances have improved by two percentage points. Polymarket, reaching 56%, while Joe Biden’s chances decreased to 37%. Likewise, PredictIt shows a slight decline in Biden’s stocks, suggesting a 44% re-election probability based on current stock prices.
The impact of Trump’s pro-crypto policies is also visible in market activities. A notable example involves a trader who benefited significantly of a Trump-themed cryptocurrency, highlighting how political endorsements can influence market dynamics.
Amidst this, TRON founder Justin Sun made a strong appeal to the cryptocurrency community to support leaders who value and protect their interests, highlighting the crucial role they play as stakeholders in the digital landscape.