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Trump Tops Harris On Polymarket; Tron, Cardano in Green as Bitcoin Sinks

Aug 20, 2024
    Major altcoins like ETH, Solana’s SOL, BNB and XRP, dropped as bitcoin‘s struggle to move past $60K.Tron’s TRX and Cardano‘s ADA showed gains, with TRX particularly benefiting from increased network activity due to a new memecoin generator.Donald Trump crossed Kamala Harris as the most likely winner of the U.S. elections on Polymarket.
As an analyst with over two decades of experience in financial markets and a keen interest in the rapidly evolving world of cryptocurrencies, I find the current state of the market intriguing yet somewhat predictable. Bitcoin’s struggle to break past $60K has led to a ripple effect among major altcoins, with ETH, SOL, BNB, and XRP following suit. However, it’s always fascinating to see how the underdogs like Tron’s TRX and Cardano’s ADA manage to buck the trend.On Wednesday morning Asian time, Bitcoin (BTC) reversed its gains from the previous day and dropped to approximately $59,200, marking a continuation of its recent period of relatively stable pricing.
1. In today’s market, Bitcoin experienced a 2.6% decrease, heading the losses in the major cryptocurrencies. Similarly, Solana’s SOL, BNB Chain’s BNB, XRP, and Ether each saw a 2% drop, with ether falling over 3.5%. The CoinDesk 20 (CD20), which measures the largest tokens by market cap excluding stablecoins, dipped by 2.27%.
On Polymarket, wagers are being placed on the future price consistency of certain cryptocurrencies. As per CoinDesk Indices data, Solana’s SOL, which is currently valued at around $143, has a 68% likelihood of maintaining its value above $140 by the end of the week, according to bettors’ predictions. Similarly, Ether is anticipated to stay above $2500, and at present, it is trading above that figure, hovering around $2600.
1. In a recent development, meme coins PEPE and BRETT have found their way onto the prominent South Korean exchange, Upbit. Meanwhile, the new token DOGS has been added to Binance Launchpool.

Market participants’ sentiments might shift if Bitcoin manages to surpass the $61,000 mark and maintain its position thereafter.

“Since early August, there’s been a growing tendency for Bitcoin to be sold off at this particular price point. Today, Bitcoin has increased by 3.2% and over the past day by approximately 4.5%. Interestingly, it’s approaching yet another test of its 50-day moving average, currently hovering slightly below $61K. This is according to Alex Kuptsikevich, a senior market analyst at FxPro, as he shared his insights with CoinDesk via email.”

“Breaking through the resistance from which Bitcoin has been declining since August 9 could lead it to challenge its 200-day moving average around $62,700. If Bitcoin manages to hold above these levels, it could significantly boost market confidence in cryptocurrencies and stimulate increased buying activity.”

As a crypto investor, I saw an exciting development in the market: Tron’s TRX and Cardano’s ADA were the only major coins that showed gains for us traders. Cardano climbed up 3%, while Tron surged more than 10%. This impressive rise can be attributed to heightened network activity on the Tron blockchain, which followed last week’s launch of a memecoin generator backed by the founder of Tron, Justin Sun.

Labeled as Sunpump, it operates in a manner reminiscent of the initial pioneer Pump. Fun on Solana provides users with the ability to mint memecoins, similar to what can be done on Tron. Once the tokens’ market capitalization reaches a certain threshold, they are automatically listed on a decentralized exchange.

There seems to be a growing interest in stablecoins on the Tron network, as more than one billion dollars’ worth of Tether (USDT) tokens were minted on Tuesday, which are expected to flow throughout the system.

Currently, in political circles, Donald Trump has regained the front-runner position in the Polymarket’s election prediction market. The likelihood of him defeating Kamala Harris is currently estimated at 52%, while her chances stand at 47%.

In this narrowing contest, the market continues to predict a tight race, particularly in the crucial battleground states. A bet on Trump winning all these swing states is given just a 16% probability, while a wager on Harris doing the same has a slightly higher chance of 28%.

In this election cycle, two states – North Carolina and Pennsylvania – have particularly piqued the interest of political analysts due to their changing demographics. The urban expansion in North Carolina and suburban shifts in Pennsylvania are attracting attention. Moreover, the views of Black and Hispanic voters on critical topics such as the economy, healthcare, and immigration are undergoing transformation.

Currently, as per Polymarket’s data, the Republican party holds a significant advantage in North Carolina with odds of approximately 61% to 40%. Meanwhile, in Pennsylvania, Donald Trump has seen a slight increase, now leading Joe Biden 51% to 50%.

Is the current situation relevant to Bitcoin’s pricing? It seems unlikely. According to recent reports from CoinDesk, analysts believe that factors such as U.S. monetary policy and supply issues have a greater impact on Bitcoin’s value.

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2024-08-21 11:08