Bitcoin has reached a new all-time high of $75,242 as Republican candidate Donald Trump takes an early lead in the polls, with 95 wins out of the 135 electoral votes counted so far. Data from a popular offshore crypto-based betting platform, Polymarket, shows Trump’s winning rate has gone up to 93%, while Kamala Harris’s winning rate sits at 7.7%.
The U.S. presidential election race between former President Donald Trump and serving Vice President Kamala Harris has largely remained tight during the campaign period. However, Trump has taken an early lead with 210 votes, while Kamala Harris trails with 133 votes, according to the latest data from the Associated Press.
Donald Trump flips Kamala Harris on every bet odd on Polymarket
Data from Polymarket, an offshore crypto betting platform, shows Trump’s winning probability is up 93% at the time of this publication. Democrat candidate Kamala Harris trails behind Trump with about 7%.
As the election results continue to unfold, a new class of Trump-supporting whales has emerged on Polymarket, placing millions of dollars in bets behind the candidate. A user on the platform with the pseudonym “zxgngl” has placed bets worth $18 million on Trump winning the elections. If the Republican candidate emerges victorious, the user will secure more than $29 million, according to blockchain intelligence firm Arkham.
$30 MILLION DOLLARS IF DONALD TRUMP WINS
Polymarket user “zxgngl” has now spent $18 MILLION betting on Trump, making him the largest single Trump bet on Polymarket
He will win $29.47 MILLION if Trump wins the election. pic.twitter.com/J9k765N0Vt
— Arkham (@ArkhamIntel) November 5, 2024
Another Polymarket user with the pseudonym “walletmobile” placed bets worth $10 million on Donald Trump winning the elections. If Trump assumes office, the user will take home $16 million.
Kamala Harris has also received heavy bets. However, the whales backing her presidential win have not matched those backing Donald Trump. Data from Arkham Intelligence reveals that a user by the pseudonym Ly67890 with 4 accounts will win $16.06 million with a cost basis of $5.91 million if Harris wins.
Another anonymous user, “leier,” has placed bets on Harris worth $5.02 million and will win $10.87 million if the candidate wins the elections. “Markitzero” also believes Harris will win the election and has placed stakes worth $4.04 million with a possible win of $8.36 million.
Bitcoin hits a new all-time high as elections intensify in the U.S.
Meanwhile, Bitcoin hit a new all-time high of $75,242, outpacing its previous record of $73,780 set in March. The asset is up 9.07% in the last 24 hours as election activities intensify in the U.S. Either of the two candidates needs 270 electoral votes to win the race and secure the presidency.
While Harris has remained fairly neutral on crypto, Donald Trump promised to support the industry once he claims his second term in the White House. He spoke at the Bitcoin Conference 2024 and promised a more crypto-friendly environment in the U.S.
Earlier this year, U.S. regulators paved the way for crypto exchange-traded funds (ETFs), which have facilitated a flood of institutional capital in the space. According to spot ETF tracking website Sosovalue, U.S.-approved Bitcoin ETFs cumulatively hold $68.51 billion in net assets under management, which equates to 5.05% of Bitcoin’s market cap.
