Recent BTC Decline Possibly Linked to Trump Victory Probability Drop

IconCryptoNewsTerminal Staff01 Aug, 2024

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Recent BTC Decline Possibly Linked to Trump Victory Probability Drop

Despite Federal Reserve Chairman Jerome Powell hinting at a possible rate cut in September, Bitcoin's value has continued to decline. As reported by CoinDesk, this downturn may be partly attributed to a decrease in the likelihood of a Donald Trump victory in the upcoming 2025 U.S. presidential election. According to Polymarket data, there has been a shift in predictions, with Kamala Harris now holding a 44% chance of winning, while Trump's probability has dropped from 70% to 55% over the past two weeks. This suggests a reduced possibility of electing a cryptocurrency-friendly U.S. president in 2025, which could be contributing to the current market volatility.

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