Republican candidate Donald Trump’s odds of winning the 2024 election increased on Polymarket after the first debate.
There is growing market sentiment on the platform that President Biden will not be the Democratic nominee or will drop out of the race.
Blockchain bettors were skeptical of President Biden’s performance in the first debate of the 2024 election cycle, pushing former President Trump’s odds of winning the November election up to 67%.
A contract asking bettors to call the outcome of the 2024 election currently has nearly $188 million up for grabs, with about $23 million on Trump and $21 million on Biden.
Polymarket said it experienced a brief outage early in the discussion due to a heavy surge in traffic.
Growing skepticism about Biden’s chances of making it to Election Day has been reinforced by analysis of market sentiment.
According to Polymarket, the odds of Biden being the Democratic nominee are less than 70%, with California Governor Gavin Newsom reaching a high of 17% and Michelle Obama as low as 7%.
Another contract The question of whether Biden would withdraw from the presidential race rose during the debate to 43%.
Meanwhile, PoliFi token traders pushed both major tokens representing Trump and Biden deep into the red.
According to data from CoinGecko, the MAGA token, which trades under the ticker TRUMP, is down 12.5%, while the BODEN token is down 34%. TREMP is also down 10%. The DJT token, recently in the spotlight for its apparent connection to Barron Trump, is down 5%.
Cryptocurrencies were not mentioned during this debate despite having become a Republican campaign theme. A Polymarket contract asking if Trump would mention cryptocurrencies or bitcoin called it unlikely, spiking 6%.
Independent candidate Robert F. Kennedy Jr. was not invited to this debate; however, a special broadcast on X in which he answered questions posed during the Trump-Biden debate garnered 5.6 million views on social media.
