Crypto News – Polymarket’s Monthly Volume Surpasses $271 Million Amid US Election Buzz

Crypto News – Polymarket Sees Record $271 Million Volume in July Driven by Election Speculation

Crypto News – Polymarket, the decentralized prediction market running on the Ethereum scaling network Polygon, saw its monthly volume exceed $271 million in July. This surge is attributed to the growing anticipation and discussions surrounding the upcoming US elections. The platform provides crypto enthusiasts an avenue to bet on the likelihood of future events using Circle’s USD Coin (USDC) stablecoin.

Significant Increase in Open Interest

According to crypto data platform Dune, the monthly volume on Polymarket surpassed $271 million, with July marking the highest volume month on record. Additionally, open interest has seen a significant climb. One of the primary drivers behind this spike was President Biden’s decision to withdraw from the presidential race. This development has fueled increased engagement from the crypto community in election-related predictions.

Enhanced Accessibility with MoonPay Integration

In a recent move to enhance user accessibility, Polymarket integrated credit and debit card support via MoonPay. This collaboration allows users to purchase crypto for their bets using credit cards, Apple Pay, Google Pay, and PayPal accounts. Despite this increased accessibility, it’s important to note that the prediction platform remains inaccessible to the US market.

Current Political Betting Odds

As of now, the odds on Polymarket show Republican ticket nominee Donald Trump leading with a 62% success rate. Democratic ticket nominee Kamala Harris stands at 34%, while former U.S. First Lady Michelle Obama has 3% odds. Reports suggest that even former US President Barack Obama does not believe Harris can beat Trump, explaining his delayed endorsement despite his support for Democrats and his pro-Biden stance.

A source close to the Biden family reportedly told The Post, “Obama’s very upset because he knows she can’t win.”

Increasing Adoption of Cryptocurrency

Beyond the US presidential election interest, the surge in Polymarket’s monthly volume highlights the increasing adoption of cryptocurrency. As traditional financial (TradFi) markets remain volatile and unpredictable, more investors are turning to decentralized platforms like Polymarket to hedge their bets.

Questions About Platform Impartiality

Despite the growing interest, some have questioned the platform’s impartiality regarding market sentiment. A user with 1.6 million followers on X recently asked, “Someone explain to me how Polymarket is an accurate measure of political sentiment when it’s a crypto platform and the users are massively biased against one political party? Am I being naive or are a lot of you ignoring this important data point?”

Impact on PolitiFi Tokens

Meanwhile, as crypto markets experience downturns, PolitiFi tokens are also seeing declines. According to Coingecko data, Trump-inspired tokens such as MAGA, MAGA Hat, TREMP, and STRUMP have dipped between 4% and 10%. Similarly, Harris-inspired token KAMA is down 32% since Thursday’s session opened.

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