As the political world reacts to President Biden's recent announcement that he will be stepping down as the Democratic Party's nominee in the upcoming election, betting markets like Polymarket are reacting in tandem.
Unfortunately for some traders, Biden's announcement means any positions betting on him to win the upcoming race are now essentially worthless.
One such trader, AnonBidenBull, saw the value of three of his positions on Polymarket decline by a total of $2 million following Biden's announcement. AnonBidenBull had bet considerable sums that Joe Biden would win the 2024 nomination, win the Presidential election, and win the popular vote. But following Biden's announcements, the value of their positions crashed by 99%.
However, other traders found themselves on the right side of the news. One such trader had bet nearly $12,500 that Kamala Harris would be the 2024 Democratic nominee. While her ascension isn't yet certain, since Polymarket currently has VP Harris's odds at 79%, the value of that trader's position increased by over 6,000% to nearly $769,000.
Crypto traders have flocked to Polymarket in recent weeks, especially as speculation over Biden dropping out of the race began to swell. The site recently tapped election statistician Nate Silver, founder of FiveThirtyEight, as an advisor.
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