Bitcoin (BTC) Pulls Under $68K as Crypto Markets Falter Ahead of Election

At least according to betting markets, the U.S. presidential election has moved to nearly a 50/50 race versus the outlook for an easy Trump victory just days ago.

Bitcoin (BTC) fell below the $68,000 mark on Sunday morning as crypto markets pulled back from last week’s highs amid worsening odds for Republican presidential candidate Donald Trump.

Trump’s chances of winning the election stood at 56% on betting market Polymarket at the time of writing, down from highs of 67% last week. Meanwhile, Democratic candidate Kamala Harris' chances rose to 44% from 33%.

Bitcoin began the week of the election a few hundred dollars away from all-time highs above $73,700, as Trump's odds in the betting markets rose to new highs. At that time, bitcoin was up nearly $20,000 from last Monday, when the price fell below $48,000 amid a broader crypto market sell-off.

Now, bitcoin is up just 2.3% over the past seven days, and the price has fallen two days in a row after setting new yearly lows last week. At one point on Friday, bitcoin dropped below $67,600 as Trump's odds fell to lows of 53%.

Bitcoin's downturn on Friday came as traders largely sold off riskier assets following worsening news out of Trump's campaign events in key swing states. At the same time, traders appeared to be buying up safe-haven assets, such as U.S. government bonds.

Still, bitcoin began the year at lows near $29,000 before rallying above $68,000 this week. At the same time, Trump's odds began 2024 with traders largely betting on his opponent, Florida Governor Ron DeSantis, to win the Republican presidential nomination.

After Trump announced his candidacy in the fall of last year, traders began shifting their bets toward the former president, who ultimately became the clear favorite among betting markets.

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