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After the first debate of the 2024 election cycle, blockchain bettors expressed skepticism about President Joe Biden‘s performance, with Donald Trump‘s odds of winning in November up to 64%.
What Happened: $193 million is currently wagered on the 2024 election outcome, with $23 million traded on Trump and $22 million on Biden.
These bets are placed on Polymarket, utilizing smart contracts on the Polygon blockchain and settled in USDC stablecoin, Coindesk reported.
The platform experienced a brief outage as the debate began due to a surge in traffic.
Market sentiment has increasingly cast doubt on Biden’s ability to continue his campaign until election day.
Polymarket data indicates a 73% chance of Biden securing the Democratic nomination, while California Governor Gavin Newsom has reached a 15% probability, and Michelle Obama is at 6%.
Additionally, a contract predicting whether Biden would withdraw from the race spiked to 43% during the debate.
Also Read: Here’s How Much SOL Could Surge If Solana ETFs Get Approved
Meanwhile, PoliFi token traders saw significant declines in tokens representing both Trump and Biden. According to CoinGecko, the MAGA token (CRYPTO: TRUMP) dropped by 12.5%, the Boden (CRYPTO: BODEN) token fell by 34%, TREMP (CRYPTO: TREMP) decreased by 10%, and the DJT (CRYPTO: DJT) token, recently linked to Barron Trump, declined by 5%.
Despite becoming a focal point in Republican campaigns, cryptocurrency was not mentioned during the debate.
Although not present at the debate, independent candidate Robert F. Kennedy Jr. conducted a special broadcast on X, responding to questions posed during the Trump-Biden debate, which garnered 5.6 million views.
For more insights into the future of digital assets and how political developments might impact the crypto market, tune in to Benzinga’s Future of Digital Assets event on Nov. 19.
Read Next: Bitcoin Miners May Be Done Selling: Here’s What That Means
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
Posted In: $BTC
