As Bitcoin nears its all-time high, observers expect regulatory improvements due to Donald Trump’s Polymarket odds.
Donald Trump’s probability of victory over Vice President Kamala Harris has reached new heights on Polymarket as the U.S. election approaches, with a 66.7% likelihood of success. According to analysts, the possibility of crypto-friendly legislation may rise due to the potential for a “Republican trifecta” in the presidency, Senate, and House.
These probabilities have garnered attention in recent weeks, increasing from 28% to 48%, as indicated by Polymarket data.
The prospects for crypto regulation reforms are encouraged by Donald Trump’s favorable odds
According to analysts from Presto, the probability of a Republican victory in the upcoming U.S. election has risen to 48% on Polymarket. This anticipated outcome would increase the likelihood of the passage of crypto-friendly laws by granting the GOP control over the legislative and executive branches. It is important to note that the House has already passed six crypto-related bills, including the FIT21 market structure measure, and they are awaiting Senate approval.
Regulatory frameworks that have impeded progress in the digital assets sector may be improved by a Republican Senate, according to analysts. Consensys was recently compelled to reduce its personnel by 20%, affecting 162 employees, due to regulatory challenges imposed by the U.S. Securities and Exchange Commission (SEC).
Nevertheless, his margin over Kamala Harris on Polymarket has reached an all-time high of 66.7% as the odds for Donald Trump increase. The GOP’s chances of controlling the Senate are 83%, and the House is 51%. Analysts contend that the increasing numbers on Polymarket indicate growing market confidence in Trump’s ability to implement pro-crypto policies.
The U.S. election predictions significantly impact the Bitcoin and crypto markets.
The Bitcoin price has surged beyond the $73,000 threshold amid increased speculation, edging closer to the previous all-time high. The crypto market’s recent surge is often attributed to the expectation of a Donald Trump victory, which could result in more transparent regulations regarding cryptocurrency.
At the same time, the demand for direct exposure to Bitcoin has increased, resulting in substantial inflows into Spot Bitcoin ETFs since early October, with nearly $4 billion invested.
In addition to Bitcoin, other cryptocurrency-related stocks have also experienced a surge. MicroStrategy, a company that maintains substantial Bitcoin reserves, also experienced a 52-week peak in its stock price.
Furthermore, Polymarket has become one of the most significant prediction platforms, with a cumulative volume of $3 billion in wagers on the U.S. Election. The number of active participants on the platform increased from 4,000 at the beginning of the year to nearly 200,000.
Furthermore, the platform’s predictive reliability has been doubted by analysts from Kaiko, even though open interest in Polymarket remains high. Nevertheless, the CEO of Polymarket responded to critics by asserting that the platform operates under a non-partisan model.
Despite these concerns, Polymarket’s volume and market engagement have been enhanced due to Donald Trump’s increasing odds. According to analysts, this increase in election-related wagers indicates market sentiment in favor of Donald Trump’s policies.
