Donald Trump’s chances of winning the upcoming presidential election have increased to 71% after a failed assassination attempt in Pennsylvania. According to Polymarket bettors, Trump is now the favorite to beat current President Joe Biden in November. The platform has seen over $259 million in bets on the outcome of the election.
Prior to the incident at a rally in Pennsylvania, Trump’s odds were at 60%, but they have since risen. The shooting seems to have not only impacted the betting odds but also had an effect on the crypto markets, with most of the top 10 cryptocurrencies experiencing a surge of at least 7% in the last 24 hours.
The news of Trump’s survival in Pennsylvania, along with his choice of a pro-crypto running mate, JD Vance, has further boosted his campaign. Vance, an Ohio senator, has been praised for his efforts to reform U.S. crypto regulations, leading to speculation that a Trump administration could be more crypto-friendly.
In addition to the political developments, Federal Reserve chair Jerome Powell has hinted at potential rate cuts in the near future. Powell stated that the Fed may not wait for inflation to reach the 2% target before implementing accommodative monetary policies, signaling a shift in the central bank’s approach.
Overall, the combination of political and economic factors seems to be favoring Trump’s campaign and the crypto markets. With the election drawing closer, it will be interesting to see how these developments continue to unfold and impact the outcome in November.