Blockchain Bettors React to First 2024 Debate

Blockchain bettors displayed skepticism towards President Biden’s performance in the first debate of the 2024 election cycle. This sentiment led to a surge in former President Trump’s odds of winning the November election, reaching as high as 67%.

Current Betting Activity

A contract predicting the outcome of the 2024 election has attracted nearly $188 million in bets. Of this amount, approximately $23 million is wagered on Trump, while $21 million is placed on Biden.

Platform Challenges

Polymarket faced brief downtime as the debate commenced due to a significant influx of traffic from users engaging in election betting activities.

Market Sentiment

There is a growing doubt concerning Biden’s chances of continuing his campaign until election day, as reflected in market sentiment and betting trends.

Democratic Nominee Speculation

Polymarket indicates a less than 70% likelihood of Biden securing the Democratic nomination. California governor Gavin Newsom has seen his odds rise to 17%, while Michelle Obama’s chances have increased to 7%.

Debate Impact on Betting Contracts

A contract querying whether Biden would drop out of the presidential race experienced a surge during the debate, peaking at 43%.

Token Trading Trends

PoliFi token traders observed significant declines in both major tokens representing Trump and Biden. The TRUMP token dropped by 12.5%, while the BODEN token plummeted by 34%. The TREMP token also saw a decrease of 10%, with the DJT token down by 5%.

Crypto Discussion in Debate

Crypto did not feature in the debate, despite becoming a topic in the Republican campaign. A Polymarket contract questioning if Trump would mention crypto or bitcoin deemed it unlikely, with a peak of 6%.

Special Broadcast Response

Independent candidate Robert F. Kennedy Jr. was absent from the debate. However, a special X broadcast featuring his responses to questions posed during the Trump-Biden debate garnered 5.6 million views on social media.