Cryptocurrency markets have turned red, reflecting the ongoing decline in US stock prices and increased speculation about the presidential election. Bitcoin's value approached $63,000, contributing to the decline in the market.
US stocks also experienced a significant decline and were unable to recoup their significant losses at the beginning of the week. The tech-heavy Nasdaq 100 fell another 1%, while the broad-based S&P 500 lost 0.7%.
Increasing uncertainty surrounding the US presidential election has been a critical factor in this financial turbulence. Reports indicate that pressure is mounting from senior figures in the party for President Biden to reconsider his re-election bid.
On crypto-based prediction market Polymarket, traders currently estimate the probability of Biden leaving office at 80%, up sharply from 40% just a day ago. At the same time, the probability of Vice President Kamala Harris becoming the Democratic nominee increased from 15% to 63%.
GOP candidate Donald Trump's odds fell slightly, falling from 70% to 65% on Polymarket after he survived an assassination attempt last weekend.
Biden, who is 81 and recently tested positive for Covid-19, is under increasing pressure after a particularly difficult debate performance last month. Discussions about potentially replacing Biden have intensified, with leading Democrats, including Senate Majority Leader Chuck Schumer, calling on Biden to withdraw, according to ABC News. According to CNN, former House Speaker Nancy Pelosi told Biden that poll data showed that he could not defeat GOP candidate and former president Donald Trump, and warned that his candidacy could jeopardize Democrats' prospects in the House of Representatives.
*This is not investment advice.