Bitcoin and Trump

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After a strong rejection off $70K earlier this week, Bitcoin attempted to stabilize at $65K, though it slumped back down to as low as $61.5K Friday after a weak U.S. jobs report. Adding to the bearish mood was the transfer of roughly $1.6B in BTC and ETH from wallets linked to the bankrupt Genesis Trading, likely for in-kind repayments to creditors – something that could lead to even more sell pressure. Overall, sentiment has whiplashed negative, which will need time to even out, especially ahead of election season.

As Kamala gains traction and her odds on Polymarket have surged to a new high, Crypto Twitter has been animated by discussion of the “unwinding of the Trump trade.” With $486M wagered, Harris's odds rose to 44%, while Trump's odds dipped to 54%. As a result, chatter about the industry betting its future on a Trump win has become a central topic. Understandably, many believe this alignment could be extremely risky in retrospect. Harris's campaign, now amassing substantial donations and increasing activity in key swing states, is rising in popularity in national polls.