Key Takeaways
- Bitcoin fell below $68,000 as U.S. election odds shifted.
- Trump's betting odds slipped from 67% to 53%, boosting market uncertainty.
- The CoinDesk 20 Index dropped 2.3%, with Cardano and Avalanche down nearly 6%.
Bitcoin’s recent rally stumbled over the weekend, with the price dipping below $68,000 as U.S. presidential election betting odds shifted.
Only four days ago, Bitcoin was close to breaking its all-time high of $73,700, buoyed by market optimism around crypto-supportive candidate Donald Trump, who had seen a 67% chance of victory in betting markets like Polymarket.
Tide shift
However, the tide has shifted.
Trump’s odds dropped from 67% to as low as 53% overnight, while Vice President Kamala Harris’s chances surged from 33% to nearly 47%.
Amid this political uncertainty, Bitcoin fell to $67,600 before partially recovering to around $68,300 in early Sunday trading, still down over 2% in the past 24 hours.
Correlation
Analysts have pointed to the growing correlation between Bitcoin’s price and Trump’s election odds.
Analyst Miles Deutscher commented on X, saying:
It’s crazy how correlated Bitcoin price action is to Trump’s election odds.
Uncertainty surrounding the election appears to be weighing on Bitcoin and broader crypto markets, a trend seen in traditional financial markets, where high-stakes events often dampen investor sentiment.
