U.S. election causes Bitcoin, crypto prediction markets havoc on Biden lead

Traders in the crypto market are increasingly betting on the outcome of the contested U.S. election.

The betting odds in the crypto prediction markets, primarily augur, are mostly in line with traditional platforms.

Across traditional markets, Biden remains the firm favorite to win the election.

Many people within the crypto sphere are betting on the election.

The crypto prediction market's open interest of around $10 million is nearly 1% of the global open interest of U.S. election betting markets.

The number of people betting on the election within the crypto sphere is relatively high.

The crypto prediction market securing a high open interest for the election is relatively high.

The high level of anticipation towards the U.S. election is also evident in the price of Bitcoin.

The momentum of Bitcoin could come from the analysis that a Democratic wipeout could fuel BTC. The Biden presidential campaign has put up two key strategies that could potentially hut the stock market in the short term.

"BTC at $13.7k despite lot of OTC selling from informed players ahead of the election. What do we think will happen when we have clarity on the election result?," crypto quant trader Qiao Wang wrote.