US presidential elections brought a record in Polymarket!

Decentralized crypto prediction platform Polymarket reached $100 million in monthly trading volume in June as investors increased their bets on how the US presidential election will turn out.

Decentralized crypto prediction platform Polymarket reached $100 million in monthly trading volume in June as investors increased their bets on how the US presidential election will turn out.

As of the writing of the news, there are $203.3 million worth of bets on the "2024 Presidential Election Winner" consisting of "Yes" or "No" bets. Former president Donald Trump is currently seen as the favorite given that he has a 62 percent chance of winning the US election and a total of $24.7 million has been bet in his favor and against him.

Current president Joe Biden is in second place, with $23.9 million betting on whether he will get another term in office. But those rates have dropped from 34 percent to 21 percent since his lackluster Presidential Debate performance on June 28 .

Meanwhile, the chances of Democrats Gavin Newsom, Kamala Harris and Michelle Obama have improved as some political commentators question whether Biden should drop out of the presidential race. Millions of dollars of bets were also made on other election-related platforms.

Biden's recent debate performance has also led to an increase in "Yes" bets on the "Biden withdraws from the presidential race" and "Biden leaves on July 4" markets; these bets are currently at 43 percent and 9 percent respectively.  Over $10 million was bet on these markets 

There are also multimillion-dollar bets on whether American rappers Kanye West and Elizabeth Warren will win the presidency, but these markets are showing less than a 1 percent chance at this stage.