Trump’s election chances could affect Bitcoin and crypto prices

• Donald Trump’s Polymarket shares seem to be influencing the crypto market.
• Trump’s World Liberty Financial is due to launch later and has amassed nearly 150,000 members.
• Trump has shown a clear positive attitude towards the crypto industry in his campaigns, unlike Harris.
• Trump-themed meme tokens are all down more than 10%.

Donald Trump’s Polymarket win shares show signs of correlation with the crypto market as the US presidential election approaches.

Trump’s crypto support is influencing investor positioning ahead of the election

The Republican presidential candidate has attracted leading crypto voices and community members through several actions, including accepting crypto donations and dedicating part of the GOP platform to cryptocurrencies and blockchain.

The former president also announced the launch of a new crypto platform known as World Liberty Financial, in which both of his sons are fully involved. The platform has already attracted much of the attention of the crypto industry, with nearly 150,000 members on its Telegram page.

Bernstein analysts predicted that a Trump victory could push the price of Bitcoin to $80,000, while a Harris win could send the top asset down more than 60% to $20,000.

The prediction is based on the sentiment of the crypto industry towards both administrations. While there was a lot of support for Trump and Republicans, Democrats and candidate Kamala Harris didn’t get much support from members of the crypto community.

As the election nears, more crypto investors are positioning their investments based on Polymarket shares of Trump and Harris. Many expect a Trump victory to lead to a further surge in Bitcoin prices, while a Kamala Harris victory could negatively impact crypto prices.

This is due to the Harris campaign’s lack of clarity about its position on crypto. Several members of the crypto community are also skeptical of another Democratic administration following the spate of law enforcement actions against crypto companies over the past few years.

Notably, President Biden’s veto of SAB-121 earlier in the year also forced several members of the crypto community to turn their attention to Trump.

Trump Polymarket’s shares faced stiff competition in August after Kamala Harris’ shares surged. The Republican nominee took over later in the month after news of a potential anti-crypto Harris administration emerged.

In recent days, Trump has fallen behind the odds against Harris. This started after their debate on Wednesday night, where it appeared that the Democratic candidate had outplayed him. As a result, the price of Bitcoin fell after a brief rally based on hopes that the Federal Reserve (Fed) will cut rates by 50 basis points.

In particular, the price of Bitcoin increased by more than 6% in July after an assassination attempt on Donald Trump. This also led to an increase in Trump’s winning chances on Polymarket.

Another notable event was Trump’s appearance at the Bitcoin Conference in Nashville, which briefly sent prices soaring.

Meanwhile, PolitiFi tokens named after Donald Trump are down more than 10% in the past 24 hours. MAGA, TREMP and STRUMP fell 10%, 10% and 14% respectively on the day amid reports of a second alleged assassination attempt on Trump over the weekend.