Polymarket Predicts 80% Chance of Biden Leaving Race, Signals Bull Season for Cryptos

• Polymarket, a decentralized crypto prediction platform, has seen a surge in predictions indicating a high likelihood of U.S. President Joe Biden withdrawing from the presidential race.
• Just two days ago, the probability on Polymarket was nearly 33%; since then, it has more than doubled.
• Axios reported that high-ranking Democrats are pressuring Biden to withdraw, with implications for a potential bull market.

Get the latest insights on Joe Biden’s potential withdrawal from the presidential race and its impact on the crypto market.

US Presidential Election Influence on Crypto Markets

At 81 years old and recently recovering from Covid-19, President Biden faces mounting pressure to step down from the presidential race. This growing pressure follows a performance in a recent debate that sparked widespread discussions about his potential successor. According to ABC News, even Senate Majority Leader Chuck Schumer has advised Biden to consider withdrawing from the race.

Impact of Potential Candidates on Crypto Sentiments

Former House Speaker Nancy Pelosi voiced concerns, pointing to polls indicating Biden may struggle to defeat GOP candidate Donald Trump. CNN reported Pelosi’s fear that Biden could jeopardize the Democrats’ chances of winning back the House of Representatives. These uncertainties have led crypto investors to speculate on alternative Democratic candidates, adding volatility to the market.

Democrat National Convention and Market Speculations

As the Democratic National Convention approaches, scheduled for August 19th in Chicago, various potential candidates are being mentioned as Biden’s replacements. Names like Vice President Kamala Harris, California Governor Gavin Newsom, Illinois Governor JB Pritzker, and Michigan Governor Gretchen Whitmer are emerging. On Polymarket, predictions are favoring Harris, with a current likelihood of 59% for her to become the Democratic nominee.

Conclusion

The potential shift in the U.S. presidential race is driving significant speculation and possible bullish trends within the crypto markets. For investors, these developments demand close attention and careful analysis as the political landscape evolves and its ramifications are felt in the financial sphere.