As US President Biden announced his withdrawal from the election, the prediction market on Polymarket also experienced a drastic reshuffle. For some traders, Biden's formal announcement that he is dropping out of the race means any bets they had on him are now essentially worthless.

According to information shared by Polymarket, a trader named AnonBidenBull saw the total value of his three positions on Polymarket drop by $2 million after Biden announced his withdrawal from the race. AnonBidenBull has invested heavily in betting that Biden would win the 2024 nomination, presidential election, and popular vote. But those positions plummeted 99% in value after Biden announced he was dropping out of the race.

'AnonBidenBull' just lost $2,000,000. pic.twitter.com/MGAoUKOx0K

— Polymarket (@Polymarket) July 21, 2024

However, there are still some traders who are making huge profits in the process. For example, a trader bet nearly $12,500 on whether current Vice President Harris Harris will become the Democratic nominee in 2024. Although the final result is still uncertain, the Polymarket prediction market currently believes that the probability of Harris being selected is as high as 84%. This trader As a result, the value of the investor's position increased by more than 6,000%, to a value of over $769,000.

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