Following the first presidential debate against Joe Biden, Donald Trump’s chances of winning the 2024 presidential election have risen to 63%. Trump’s increasing favorability has triggered a positive response in stock and crypto markets. Investors are reacting optimistically to the potential of his election victory.
Election Odds Favor Trump, Biden’s Prospects Dim
Polymarket data suggests a 63% likelihood that Donald Trump will win the 2024 presidential election. This positions him as the probable next U.S. President. Meanwhile, Biden’s chances have fallen to 23%, indicating doubts about his future in His Second term.
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After a debate, Donald Trump Jr. humorously compared Joe Biden’s exit from the stage to his father, Donald Trump’s typical departure. This light-hearted comment highlighted similarities in their stage presence.
Watch Joe Biden get escorted off the stage! What a stark contrast between how Trump left the stage and how Biden is exiting. #debate pic.twitter.com/Um9xhPAyMs
— Donald Trump Jr. (@DonaldJTrumpJr) June 28, 2024
Crypto Leaders Rally Behind Trump in Election Campaign
Despite the absence of cryptocurrency discussions during the debate, the sector has seen notable Movements. Jesse Powell, co-founder of Kraken, donated $1 million in Ethereum to Trump’s campaign. This reflects significant support from key leaders in the cryptocurrency community.
I just personally donated $1m (mostly #ETH) to @realDonaldTrump.
For too long, the crypto industry has been under attack by Elizabeth Warren, Gary Gensler and others. Despite overwhelming bipartisan Congressional efforts to put clear rules in place, the Biden White House has… pic.twitter.com/Ksxf3P2oCb
— Jesse Powell (@jespow) June 28, 2024
Powell’s donation comes amidst concerns over the current administration’s regulatory approach, which figures within the crypto industry have criticized for its perceived overreach.
The debate shaped political forecasts and garnered reactions from influential figures. Elon Musk humorously declared the discussion of a victory for memes, engaging audiences with a lighter commentary.
Tonight was a clear victory … for memes
— Elon Musk (@elonmusk) June 28, 2024
Additionally, Trump’s campaign has received significant financial support from multiple billionaires. Blackstone CEO Stephen A. Schwarzman has publicly endorsed Trump, calling him a “vote for change,” while the billionaire Winklevoss twins donated $2 million in Bitcoin to his campaign. This backing suggests that Trump’s policies may foster a more favorable investment environment.
Cathie Wood Backs Trump, Citing Economic Benefits
On a more serious note, Cathie Wood endorsed Trump based on economic policies, highlighting a preference for strategies she believes will bolster the nation’s financial future. As expectations adjust to changing political dynamics, discussions increasingly focus on the potential impacts on regulatory and economic policies. This alignment has made these topics central in debates among markets and influencers.
The changing U.S. political landscape highlights a crucial moment for governance, focusing on possible policy changes and their effects on sectors like technology and finance. As the campaign unfolds, the interaction between market responses and political endorsements significantly influences public and investor opinions. This crucial phase is attracting intense attention from stakeholders across the board.
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