Kamala Harris has seen a significant increase in her betting odds for the upcoming US Presidential election on the Polymarket platform, surpassing Donald Trump for the second time. This surge in her chances of winning, now at 52%, marks a major shift in the race. It is worth noting that just a month ago, Harris only had a 1% chance of victory before Biden withdrew from the race on June 27.
Harris reached the 50% mark on Aug. 10 and continued to gain momentum after announcing Minnesota Governor Tim Walz as her vice-presidential running mate on Aug. 6. Polymarket, a popular prediction market, has seen a total of $574 million bet on the election outcome, indicating a high level of interest and speculation surrounding this year’s election.
On the other hand, Donald Trump, who was previously associated with Bitcoin and known as the ‘Bitcoin candidate,’ saw his odds peak at 72% on July 16. This increase coincided with a rally in Bitcoin prices, which reached $70,000 by July 29 during the Bitcoin Nashville conference. However, both Trump’s odds and Bitcoin’s price have since declined, with the correlation between the two weakening. Trump has also fallen behind on non-crypto betting sites and prediction markets.
In a related development, Elon Musk announced on X (formerly Twitter) that he will conduct a live interview with Donald Trump at 8 P.M. ET on Aug. 12. This event has further intensified the focus on the candidates as the election date draws near.
The latest Alpha Market report provides insights into the evolving dynamics of the election betting market and the shifting odds of the candidates. As the election intensifies, it will be interesting to see how the betting odds continue to fluctuate and reflect the changing political landscape. Stay tuned for more updates on the presidential race and the latest developments in the world of politics.