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Polymarket predicts that Trump will be the winner of the 2024 US elections with a 48% chance, Biden and Haley lag behind in predictions

With the US presidential election just nine months on the horizon, it looks like American voters will encounter familiar faces from the 2020 race: Joe Biden and Donald Trump. Recent data from decentralized cryptocurrency-based prediction platform Polymarket suggests that Trump, the country’s 45th president, is currently leading with a 48% chance of winning.

US election forecast for 2024: Trump in the lead with 48% in Polymarket, Biden trails behind

As electoral competition intensifies in the United States despite Vivek Ramaswamy’s withdrawal, former President Donald Trump has maintained a substantial lead over his Republican rivals in recent months. Trump recently triumphed in the Iowa Caucus, securing an early victory in the race for the 2024 Republican presidential nomination. He achieved a commanding lead with a 51% margin, followed by Florida Governor Ron DeSantis in second place and former Ambassador from the USA at the UN, Nikki Haley, who came in third place.

According to prediction platform Polymarket, Donald Trump has an 89% chance of winning the Republican Party nomination, while Nikki Haley has a 6% chance. On the Democratic front, Joe Biden is projected to have a 78% chance of being nominated, surpassing California Governor Gavin Newsom’s 6% chance. Basically, Polymarket operates as a decentralized forecasting platform, allowing users to buy and trade stocks based on possible events and outcomes. This marketplace leverages blockchain technology to improve transparency and security.

As the November 5, 2024 elections approach, current trends on Polymarket suggest that Trump is the favorite, with a 48% lead, surpassing Biden’s 36%. After Biden, Haley is considered to have a 3% chance of winning the general election. Interestingly, despite his absence from the race, Vivek Ramaswamy has a 2% chance. Robert Kennedy Jr. also has a 2% chance of winning, as indicated by data from Polymarket. Furthermore, this cryptocurrency-based prediction market is not the only betting platform predicting a Trump victory.

Oddschecker data reveals that Trump has a 45.5% chance of winning the election, compared to Biden’s 33.3%. Nikki Haley has a 5.9% chance of winning in her analysis. Meanwhile, the Bet Ohio portal places Trump in the lead with a 46% chance, followed by Biden with 36% and Haley with 9% in the 2024 presidential race. In particular, both Kennedy and DeSantis have a probability of 3%, as recorded by Bet Ohio on January 17, 2024. Additionally, betting site Covers indicates that Trump is ahead with a 47.6% probability, while Biden is behind with a 34% probability.
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Bitcoin cryptocurrency exchange Cryptocurrency news

Bitcoin Ordinal Subscriptions Surpass 55 Million, Reach Third Highest Daily Record

After the weekend, the number of ordinal subscriptions to the Bitcoin blockchain exceeded 55 million. Notably, on January 13, 2024, the blockchain witnessed its third-highest day of registrations, settling a staggering 477,751 registration-based transactions on Saturday. Furthermore, since first registration began in December 2022, bitcoin miners have accumulated $246 million worth of bitcoins, capitalizing on this growing trend.

Miners raised 246 million dollars with 55 million registrations

From December 28, 2023 to January 12, 2024, the pace of daily ordinal inflows into the Bitcoin blockchain slowed moderately. However, a peak occurred on Saturday, January 13, marking a record number of daily registrations. This date became the third largest in terms of registrations, with a staggering 477,751 added to the blockchain. On that day, approximately 652,483 transactions were processed, with records representing a notable 73.22% of all transfers confirmed by miners.

Continuing the trend, on Sunday, January 14, 2024, the blockchain saw another substantial 446,783 entries added to the distributed ledger system. This indicates that, of the 591,806 verified transfers, a substantial 75.49% were record-based. Furthermore, after these two record-breaking days, the total number of registrations this weekend impressively exceeded 55 million. Between these records, miners have accumulated a total of 5,750 BTC, valued at $246 million based on current BTC exchange rates.

On January 13, miners were paid about $2.7 million in registration fees, and by the next day, miners had accumulated another $4.94 million. Bitcoin miners are reaping the benefits of the fees paid for subscriptions and as of December 16, 2023, miners have collected $9.9 million in fees. Additionally, the number of entries per block has increased considerably as miners have learned ways to include as many as possible. The data also shows that there are also 278,296 recursive inscriptions in the chain.

Recursive ordinal inscriptions involve retrieving and incorporating data from existing inscriptions to create new ones. In the domain of ordinal entries traded in non-fungible token (NFT) markets, Bitcoin has taken the lead over the past 30 days, with $669.53 million in digital collectible sales. Ethereum, previously the leader in NFT blockchain, recorded $321.18 million in sales during the same period. However, on a weekly basis, BTC’s lead is marginal, with sales of $99.68 million, narrowly edging out Ethereum’s $94.42 million.
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Cryptocurrency news

USDC Issuer Circle files preliminary documents with the SEC for a planned IPO in the United States.

USDC issuer Circle wants to become a US-listed company.

The stablecoin company said in a new announcement that it has submitted a draft registration statement to the Securities and Exchange Commission (SEC) regarding a proposed initial public offering (IPO) of its shares.

Circle notes that it has not specified the number of shares it plans to offer or the price range of those shares. The company says the IPO is expected to take place once the SEC completes its review process.

USDC, the second largest stablecoin by market capitalization, is targeting a 1:1 peg to the US dollar. The digital asset completed a new upgrade on Thursday aimed at reducing gas costs, improving support for account abstraction, and increasing transaction security on Ethereum Virtual Machine (EVM) blockchains.

Circle and Coinbase co-created USDC in 2018 and jointly managed the asset through Center Consortium until last year.

In August, Circle CEO Jeremy Allaire announced that his company would bring all USDC operational and governance responsibilities in-house to streamline management of the stablecoin.

Coinbase announced at the time that it would acquire a stake in Circle. The leading crypto exchange in the United States became a public company in April 2021.

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Bitcoin Cryptocurrency news Investment News Ripple Tether

The analyst predicts a 39,000% increase, taking the price of XRP to $220. Find out when here

Crypto analyst Crypto Eggag has shared another bullish prediction on the price of XRP, saying that the crypto token could soon reach triple digits. As part of his forecast, the analyst also listed several key price levels that XRP could reach on the path to $220.

XRP Price Could Reach $220 This Year

Crypto Eggag highlighted the $220 price level as one of the numbers that XRP price could reach based on its analysis of Fibonacci levels. Interestingly, the attached chart he shared shows that this price level could be reached this year.

Related Reading: Shiba Inu Burn Rate Sees 900% Increase Will SHIB price continue to rise?

Based on his analysis, XRP would hit “crucial numbers” such as the $1.2, $2.2, $5.8, $11, and $33 price levels before hitting $220.

The analyst assured that this price movement would undoubtedly be parabolic as he explained that it would be a GRB (Gamma-Ray Burst) event. He also noted that such a development could end up reflecting a similar development to that of the XRP price in 2017, when it increased by 61,000%.

Meanwhile, Egrag provided insight into when the XRP bull market could begin by highlighting the 12 and 24 SMA (simple moving average) as a “clear signal.” Once there is a bullish crossover above them, the bull run could take place almost a month later, according to the crypto analyst.

Steven McClurg, chief investment officer (CIO) of Valkyrie, hinted in a recent interview that an XRP ETF could hit the market at some point. His comments came as he suggested that the imminent approval of spot Bitcoin ETFs could open the door to other ETF applications centered around tokens such as XRP and Ethereum.

In response to McClurg’s interview, Fox business reporter Eleanor Terrett shared some thoughts based on conversations she had with some industry players about an XRP ETF. She explained in an article that there are “diverging views” on whether the Securities and Exchange Commission (SEC) is ready to approve a single-product XRP spot ETF.

She noted that bulls argue that the XRP token will be included in future funds, especially since it is the only digital asset with clear regulation. They also highlighted Grayscale’s decision to re-incorporate the token into the Grayscale Digital Large Cap (GDLC) fund as a positive sign that there will soon be an XRP ETF.

On the other hand, Terrett says bears argue that an XRP ETF can only be approved with congressional intervention on crypto regulation or a change in government. This argument is based on their belief that SEC Chairman Gary Gensler is unlikely to change his stance on crypto assets other than Bitcoin.

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cryptocurrency exchange Cryptocurrency news

Ripple CTO David Schwartz Reveals Unexpected Truths About XRP Distribution and Supply

David Schwartz, Ripple’s Chief Technology Officer, recently shared his views on the company’s strategy regarding its XRP holdings. These revelations provide a better understanding of Ripple’s approach to managing its cryptocurrency holdings.

Ripple’s XRP Allocation

Ripple’s XRP assets are divided into two different categories. The first includes the XRP currently available in Ripple wallets. The second category includes XRP in escrow on the ledger, scheduled for release in the coming months. However, it is important to note that Ripple does not have immediate access to custodial XRP until its scheduled monthly release. In the past, a significant portion of the released XRP was returned to escrow.

XRP Holdings Decisions and Strategies

Responding to a user’s query, Schwartz explained Ripple’s options regarding its XRP holdings. In principle, Ripple can either maintain its current XRP holdings or choose to reduce them. According to Schwartz, the company planned to reduce its XRP holdings as quickly as possible. However, he questions the feasibility and potential benefits of this original strategy.

Initially, the company considered using giveaways to reduce its supply of XRP. But as XRP gained market value, there was a chance that people would take advantage of these freebies, which led to their discontinuation. Ripple has also explored alternative methods, such as B. Locked Sales and using XRP to incentivize affiliates. Ultimately, however, these strategies were similar to selling XRP directly.

Long-term vision and trusting decisions

Schwartz noted that, despite being over a decade old, Ripple is making good progress on its initial five-year plan. He also answered questions from the community about managing deposited XRP. Additionally, Schwartz expressed ambivalence toward the escrow account itself, rejecting the idea of burning the escrow stock on the grounds that it might lead to a different outcome.