US Presidential Election 2020: Crypto Traders Wager $2.8B on Trump Landslide Victory

The US Presidential Forecast chart above is from Polymarkets, a prediction markets platform built on the Polygon network, that allows crypto traders

Crypto traders have wagered nearly $2.8 billion on the US elections outcome, with Trump leading the ‘crypto polls’ by a staggering 65.3% votes to Harris’ 34.8% as of October 31, signaling a potential landslide victory for the Republican candidate.

But amid a last-minute resurgence, Kamala Harris rapidly gained ground on Trump over the week, closing the gap to 57.7% – 42.4% at the time of publication on Nov 4, barely 13 hours from the elections.

Notably, Kamala’s resurgence performance between Oct 31 and Nov 4, has starkly coincided with Bitcoin’s on-going 5-day losing streak. This lends credence to the narrative that the last-minute swings in US elections race contributed to BTC 6.7% weekly timeframe price downturn.

Bitcoin Price Forecast: $65,000 Support at Risk?

Bitcoin price dipped by 2% within the daily timeframe on Nov 5, as traders grow skittish ahead of the US elections. Technical indicators suggest the bearish momentum could persist until a winner is announced.

Currently, Bitcoin trades below the Volume Weighted Average Price (VWAP) of $67,991 and remains within the bearish zone of the Keltner Channel (KC) bands, indicating intense downside risk.