🌎 Trump’s Odds Surge After Rally Incident, Crypto Markets React

A failed assassination attempt in Pennsylvania appears to have improved Donald Trump’s chances of winning the upcoming U.S. presidential election, at least according to betting markets.

Polymarket bettors currently give Republican candidate Donald Trump a 71% chance of winning this year’s election, surpassing sitting President Joe Biden, whose re-election odds stand at around 18%. Over $259 million has been wagered on the prediction platform Polymarket in a pool titled “Presidential Election Winner 2024.”

Trump’s odds of winning rose from 60% before the shooting incident at a Pennsylvania rally over the weekend. This event seems to have had a broader impact, as crypto markets also surged following the shooting.

Most top 10 cryptocurrencies, excluding Ripple’s XRP token and stablecoins, saw increases of at least 7% in the last 24 hours.

In addition to surviving the incident in Pennsylvania, Trump has announced a pro-crypto running mate, JD Vance. Vance was introduced as Trump’s pick for vice president as crypto markets recovered on Monday.

This pairing may fuel speculation that the White House could see two crypto-friendly administrators, given that Trump’s campaign has rebranded to support cryptocurrency. JD Vance, an Ohio senator, has been commended for his bill aimed at reshaping U.S. crypto regulations.

On a broader scale, Federal Reserve Chair Jerome Powell suggested the central bank might be closer to cutting rates than ever before. Powell indicated that the Fed shouldn’t wait for inflation to hit the 2% target before adopting more accommodative monetary policies.