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Kamala Harris is the favorite to win the 2024 US presidential election, according to cryptocurrency betting site Polymarket.
Harris currently has a 49% chance of entering the White House in November, while Trump has a 48% chance.
Kamala Harris takes the lead. pic.twitter.com/ULNFB8dvNg
— Polymarket (@Polymarket) August 9, 2024
Polymarket's odds are similar to other reliable polls.
This could be bad news for crypto markets, considering Trump is a clear pro-crypto candidate. Crypto prices could fall as Harris surges in the polls.
However, this does not mean that the bull market is over, and the cryptocurrency crash only provides more buying opportunities. Even low-priced cryptocurrencies that have little correlation with the broader market sentiment can see a surge in demand.
Kamala Harris emerges as a leading candidate for the November election
Polymarket is now reporting that Kamala Harris is ahead of Donald Trump, and that's not the only report.
RealClearPolitics also shows Harris ahead by nearly a point in the national average.
In fact, most polls show Harris has erased Trump’s lead and is now the frontrunner. What makes things worse for Republicans is that Harris is ahead in most swing states. Polymarket shows the Democratic vice president ahead in Pennsylvania, Wisconsin, and Michigan.
However, it is important to note that the US presidential election is still nearly three months away and the competition is so fierce that poll results can continue to change.
For example, Trump has agreed to debate Harris on ABC next month, which could boost the former president’s chances. The disastrous debate with Trump ultimately led to Biden’s resignation.
But for now, the Democratic opponent is the most likely candidate.
Will Cryptocurrency Prices Crash Again?
If Harris' lead continues to grow, cryptocurrency prices could decline in the short term.
After all, Donald Trump was the clear pro-crypto candidate. He promised to fire SEC Chairman Gary Gensler and vowed to open a strategic Bitcoin reserve, among other favorable promises.
However, expectations that Trump's defeat will lead to a significant surge in cryptocurrency prices are unlikely to change.
First, Harris seems much more tolerant of the crypto industry and is said to be seeking a reset with the companies. Plus, her victory likely won’t change the fact that Gensler’s days at the SEC are numbered.
Most importantly, the Federal Reserve is set to aggressively begin quantitative easing, with a 50bp rate cut expected in September. This will bring new capital into the crypto market, pushing crypto prices to new all-time highs.
Demand for low-cost cryptocurrencies could increase
Low-cost cryptocurrencies have little or no correlation with the broader cryptocurrency market, and demand may surge if the political situation in the United States becomes uncertain.
Moreover, low-cost tokens have the potential to generate huge returns as new capital flows into the market following a rate cut by the Federal Reserve.
There’s a reason why savvy investors are aggressively buying low-priced tokens and new meme coins. For example, a new Pepe coin alternative, Pepe Unchained (PEPU), made headlines after raising nearly $8 million in a pre-sale in a matter of weeks.
Following in the footsteps of Shiba Inu, we are launching our own ETH compatible Layer-2 blockchain. This chain is expected to solve Ethereum’s high transaction costs and increase retail investment in tokens. PEPU also offers high staking rewards.
Some popular crypto influencers appear to be buying cryptocurrencies with the aim of making 10x their profits after launch.
Likewise, following the success of Notcoin and Hamster Kombat, new play-to-earn projects may continue to receive significant attention.
For example, PlayDoge, a Tamagotchi-style P2E game, has generated quite a bit of buzz, with some analysts already calling it “the next big crypto game.”
Similar to Notcoin, it offers beginner-friendly gameplay and attractive shop rewards. In true Tamagotchi style, players own Doge as a pet and earn free cryptocurrency by completing a series of adventures with Doge.
PlayDoge's native token, PLAY, is already in high demand and has raised around $3 million in its ICO.
Disclaimer: This is a sponsored article and is provided for informational purposes only. It does not reflect the views of Crypto Daily and is not intended to be used as legal, tax, investment or financial advice.
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