Kamala Harris Takes Lead Over Donald Trump On Polymarket – Here’s What It Could Mean For Crypto Prices
Kamala Harris is now the favourite to win the 2024 US Presidential elections, according to crypto betting site Polymarket.
Harris now has a 49% odds of winning the White House in November, compared to 48% for Trump.
Kamala Harris just took the lead. pic.twitter.com/ULNFB8dvNg
— Polymarket (@Polymarket) August 9, 2024
Polymarket’s odds are in line with the other trusted polls.
This could potentially be bad news for the crypto market, considering that Trump is the clear pro-crypto candidate. Crypto prices could decline as the market prices in Harris’s surge in the polls.
However, this does not mean that the bull market is over and any crypto crash would only offer more buying opportunities. Low-cap cryptocurrencies – which have little correlation with the broader market sentiment – could also see a surge in demand.
Kamala Harris is now the Favourite for November Election
Polymarket is now showing Kamala Harris leading over Donald Trump and it’s not the only one.
RealClearPolitics is also giving Harris a nearly full-point lead in its National Average.
In fact, most polls are showing that Harris has erased Trump’s lead and is now the favourite. To make matters worse for the Republican, Harris is leading in most swing states. Polymarket is showing the Democratic Vice President leading in Pennsylvania, Wisconsin and Michigan.
However, it is important to note that there are still close to 3 months before the US Presidential elections and the polls could continue to swing, given how tight the race is.
For instance, Trump has agreed to debate Harris next month on ABC, which could provide a boost to the former President’s odds. After all, it was his disastrous debate with Trump that eventually led to Biden calling it quits.
However, his Democratic opponent is the favourite for now.
Will Crypto Prices Crash Again?
The crypto prices could see a short-term setback if Harris’s lead continues to grow.
After all, Donald Trump was the clear pro-crypto candidate. He has promised to fire SEC Chairman Gary Gensler and has vowed to open a Strategic Bitcoin Reserve, among a slew of other favourable promises.
However, a Trump defeat likely does not change the fact that crypto prices are expected to see a major bull run.
For one, Harris appears much more lenient towards the crypto industry and is reportedly seeking a reset with the companies. Additionally, her victory likely does not change the fact that Gensler’s days are numbered in the SEC.
Most importantly, the Federal Reserve is set to aggressively start its quantitative easing, with a 50bps interest rate cut expected in September. This would flush the crypto market with fresh capital, pushing crypto prices to new all-time highs.
Low-Cap Crypto Could Rise In Demand
Low-cap cryptocurrencies show little to no correlation with the broader crypto market. If the US political climate becomes uncertain, these could see a spike in demand.
Furthermore, low-cap tokens also have the potential to deliver outsized returns once fresh capital enters the market after the Fed’s rate cuts.
There is a reason why smart money investors are aggressively buying low-cap tokens and new meme coins. For instance, a new Pepe coin alternative – Pepe Unchained (PEPU) – is in the news after raising nearly $8 million in its presale in a few short weeks.
Following in the footsteps of Shiba Inu, it is launching its own ETH-compatible, Layer-2 blockchain. The chain is expected to tackle the high trading costs on Ethereum and drive up retail investment in the token. PEPU is also offering high staking rewards.
Some popular crypto influencers appear to be buying crypto, aiming for 10x returns after its launch.
Similarly, new play-to-earn projects could continue to see substantial interest after Notcoin and Hamster Kombat’s success.
For example, PlayDoge – a Tamagotchi-style P2E game – has created quite a buzz. Some analysts are already calling it the “next big crypto game”.
Similar to Notcoin, it has beginner-friendly gameplay with attractive rewards in the store. In true Tamagotchi style. Players get to own Doge as their pet and earn free crypto for completing a series of adventures with it.
PlayDoge’s native token – PLAY – is already in high demand and has raised nearly $3 million at ICO.
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