Bitcoin Dips Below $68K as Trump’s Election Odds Decline, Shaking Crypto Markets

Just four days ago, Bitcoin (BTC) was on the verge of reaching a new all-time high, coming within mere dollars of breaking past $73,700. The surge in BTC’s price may have been partly fueled by growing support for the crypto-friendly GOP presidential candidate, Donald Trump, whose popularity was climbing rapidly in betting markets.

Around this time, Trump’s odds on Polymarket soared to a peak of 67%, while his opponent Kamala Harris’ chances slipped to 33%. However, the landscape quickly shifted. In the last few days, Trump’s odds have declined, followed closely by a drop in Bitcoin and other major cryptocurrencies. Overnight, Trump’s probability of winning fell to just below 53%, with Harris gaining ground at 47%. At the same time, Bitcoin dropped to a low of $67,600.

As of Sunday morning in the U.S., both Trump’s odds and Bitcoin's price have rebounded slightly. Trump’s standing on Polymarket recovered to 56%, while Bitcoin climbed back to $68,300, still down by more than 2% over the last 24 hours. The broader crypto market also shows a similar trend, dipping 2.3% within the same timeframe. Notable declines include Cardano (ADA) and Avalanche (AVAX), each slipping close to 6%, reflecting the broader crypto market’s cautious sentiment.