Following the first debate of the 2024 election cycle, blockchain bettors have significantly increased Donald Trump’s chances of winning in November, now standing at 64%.
During the debate, President Joe Biden’s performance raised doubts among bettors, leading to a substantial shift in betting sentiment. Currently, $193 million is wagered on the election outcome, with $23 million on Trump and $22 million on Biden, according to Polymarket data.
Polymarket, utilizing smart contracts on the Polygon blockchain and settled in USDC stablecoin, experienced a temporary outage due to high traffic as the debate began.
Market sentiment on Polymarket also reflects a 73% probability of Biden securing the Democratic nomination, with California Governor Gavin Newsom at 15% and Michelle Obama at 6%. Additionally, concerns about Biden withdrawing from the race surged to 43% during the debate.
Meanwhile, PoliFi token traders observed declines in tokens linked to both Trump and Biden, with MAGA token TRUMP/USD dropping by 12.5%, Boden token BODEN/USD falling by 34%, TREMP token TREMP/USD decreasing by 10%, and DJT token DJT/USD, associated with Barron Trump, declining by 5%.
Despite its prominence in Republican campaigns, cryptocurrency was not a topic discussed during the debate. However, independent candidate Robert F. Kennedy Jr. conducted a special broadcast on X, addressing questions raised during the Trump-Biden debate, which garnered significant viewership.
For deeper insights into the impact of political developments on the crypto market, don’t miss Benzinga’s Future of Digital Assets event on Nov. 19.