Deniz 
Betting platforms like Polymarket are responding in line as the political world responds to President Biden’s recent statement that he will be withdrawing as the Democratic Party contender for the forthcoming election.
For some traders, Biden’s declaration renders any bets they have depending on him to win the forthcoming contest basically useless.
One such trader, AnonBidenBull, noticed that three of his Polymarket investments lost $2 million overall after Biden’s speech. AnonBidenBull had placed large bets on Joe Biden’s winning the presidential contest, the 2024 nominee, and the popular vote. But the value of their positions dropped by 99% when Biden made his announcements.
Other traders, nevertheless, found themselves on the positive side of things. One such trader has placed about $12,500 on Kamala Harris’s likely Democratic nomination in 2024. Although Polymarket now estimates VP Harris’s odds at 79%, her ascent is not yet clear-cut; however, the value of that trader’s position rose by more than 6,000%, to about $769,000.
Particularly since rumors of Biden pulling out of the race started to gather, crypto traders have swarmed Polymarket in recent weeks. The website recently hired Five Thirty Eight’s founder, Nate Silver, an expert in electoral statistics, as an advisor.
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