According to metrics, the prediction market Polymarket has experienced notable volume over the past few weeks, with the firm reporting it accrued over 0 million in June and .2 million on the day the 2024 presidential candidates Donald Trump and Joe Biden debated on stage. The Rising Influence of the Prediction Market Polymarket Polymarket has […]
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Trump’s 2024 Election Odds Jump to 66% on Polymarket; GOP Expected to Control Congress
Donald Trump’s prospects of winning the 2024 election have risen, with the prediction market Polymarket reporting his odds at 66% as of July 2, 2024. Meanwhile, a wager worth 4 million indicates that incumbent President Joe Biden’s chances stand at 18%. Trump Favored Over Biden in 2024 Election According to Prediction Markets The Polygon-powered prediction […]
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Ripple CEO Blasts SEC Chair’s Crypto Remarks — Says ‘Gensler Will Cause Biden to Lose the Election’
Ripple CEO Brad Garlinghouse has criticized SEC Chair Gary Gensler’s recent statements on the crypto industry, calling them “absolute nonsense.” The executive argued that Gensler’s actions and oversight failures could impact the upcoming election. He suggested that Gensler should be fired if he truly worked for the American people. Ripple CEO Brad Garlinghouse Criticizes SEC […]
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Summer Consolidation to Precede US Election ‘Fireworks’ in Crypto Markets, Says QCP Capital
Despite several bullish indicators, including a significant bitcoin purchase by Microstrategy and optimistic projections by notable figures, bitcoin’s price action remains subdued. Market analysts at QCP Capital shed light on the underlying factors contributing to this paradox. Bullish Signs Clashing With Market Realities In its market commentary, QCP Capital mentioned how Microstrategy expanded its BTC […]
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Betting Odds Odds Suggest 24% Chance Joe Biden Will Exit 2024 Election Race
According to a bet on Polymarket, a decentralized predictions platform powered by Polygon, there’s a wager on whether current U.S. President Joe Biden will exit the 2024 election race. Currently, the likelihood of Biden stepping down has grown over the past few months to a 24% probability, as indicated by Polymarket bettors. Political Futures in […]
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Polymarket Bets Show Growing Confidence in Trump’s Election Victory Over Biden
Ten days ago, after former President Donald Trump was convicted on 34 counts connected to a hush-money scheme, Polymarket bets indicated his chances of winning the 2024 election still stood at 54%, compared to incumbent President Joe Biden’s 40%. Since that time, the gap between Trump and Biden has widened significantly, with Polymarket odds increasingly […]
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Crypto Voter Backlash: How Biden’s Veto May Have Cost Him the 2024 Election
After a period of intense scrutiny of the cryptocurrency industry, many speculated that the Biden administration had reversed its stance by allowing the U.S. Securities and Exchange Commission (SEC) to approve several spot ethereum exchange-traded funds (ETFs). However, President Joe Biden has vetoed the latest resolution intended to quash the SEC’s crypto asset rules in […]
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Conviction Fails to Deter Donald Trump’s 2024 Election Odds, According to Polymarket Bets
Following the landmark news of former President Donald Trump’s conviction on 34 counts related to a hush-money scheme allegedly influencing the 2016 election, data from the Polygon-powered prediction market Polymarket shows Trump still leading in forecast bets for the 2024 election. Convicted But Leading: Trump Tops 2024 Election Predictions on Polymarket According to Polymarket, Donald […]
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Cardano Founder Predicts Crypto As Election Game-Changer: Impact On Price
The US crypto industry is engaged in an intense battle against the White House, with tensions reaching a boiling point over the Biden administration’s relentless push for onerous regulations and crackdowns on digital assets. According to Charles Hoskinson, the founder of Cardano, this anti-crypto stance may very well cost US President Joe Biden another term in office.
In a scathing rebuke, Hoskinson accused the administration of harboring a “systematic effort to hurt the crypto industry,” citing numerous policy meetings, private dinners, and open letters where the community has tried in vain to foster understanding. Despite these attempts at engagement, he argues, regulators remain steadfast in their campaign against the sector.
“53 million Americans, regardless of their politics and preferences, are being painted as soft criminals,” Hoskinson laments, warning that this hostile environment has already landed some of his industry peers, including Binance’s former CEO Changpeng Zhao, in jail.
The Elizabeth Warren Factor
Hoskinson has singled out Sen. Elizabeth Warren as the driving force behind the administration’s anti-crypto agenda, going so far as to suggest a clandestine pact between her and Biden.
The Cardano founder claims that Warren, known for her staunch opposition to digital assets, was able to extend her influence into the Treasury Department, handpicking like-minded individuals who share her distaste for the industry.
This perceived alliance, Hoskinson argues, has resulted in an administration that is heavily tilted against crypto, effectively labeling a significant portion of the population as “criminals.” He views this as a devastating blow, not just for the industry but for the democratic process as a whole.
Crypto As The ‘Kingmaker’
Amidst his frustrations, Hoskinson offers a tantalizing prediction: the crypto industry will be the “kingmaker” in future US elections. He asserts that the current administration’s anti-crypto stance is predicated on the belief that there will be no political consequences to its actions. However, Hoskinson is convinced that the voting public will prove them wrong.
Hoskinson declares, underscoring the pivotal role that the crypto industry could play in shaping the political landscape:
“If this President loses his job and crypto is the decider, no Democrat running in 2028 will be anti-crypto.”
The Cardano founder envisions a future where the next generation of Congress members, senators, and presidents are “crypto natives,” paving the way for a more inclusive and progressive regulatory environment. He believes that the industry’s exponential growth and increasing influence will make it a force to be reckoned with in the political arena.
How This Impacts The Price Of Crypto
The escalating tensions between the Biden administration and the crypto industry have had a direct impact on the broader digital asset market. Investor confidence has been shaken, leading to significant volatility and price fluctuations across major cryptocurrencies.
In the wake of the crackdown and the heightened political rhetoric, Bitcoin and Ethereum have seen sharp declines, with prices dropping by over 20% in the past month alone.
Smaller altcoins have fared even worse, as the uncertainty surrounding the regulatory landscape has prompted many investors to steer clear of riskier assets.
Industry experts warn that this turbulence may continue until a clearer path forward emerges, either through a change in political leadership or a softening of the administration’s stance on crypto.
Featured image from Sky News, chart from TradingView
Billionaire Mark Cuban Warns Gensler’s SEC Crypto Policies Could Cost Biden the Election
Billionaire Mark Cuban has criticized U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s handling of crypto regulations, suggesting it could harm Biden’s election chances. “Gensler has not protected a single investor against fraud,” he stressed. “All he has done is make it nearly impossible for legitimate crypto companies to operate.” ‘This Is Also a […]
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