A drop in Bitcoin prices sent Donald Trump's election odds plummeting, which led to more than $315 million in liquidation in the cryptocurrency market. Bitcoin had recently performed strongly near its all-time high, but fell to $67,569 on Sunday, dropping below $68,000.

The drop comes as concerns grow about whether Trump can secure a second presidential term ahead of the Nov. 5 election. Recent polls have shown Trump could lose Kamala Harris in Iowa, which has cast doubt on his election prospects. Trump's chances of winning once stood at 67 percent but are now down to 54 percent, while Harris' chances have risen to 46 percent.

The sentiment shift has also affected Bitcoin's momentum. Bitcoin topped $73,000 earlier in the week thanks to a large investment in BlackRock's iShares Bitcoin Trust (IBIT). However, as expectations for the election results adjusted, liquidations surged in the cryptocurrency market, and Bitcoin positions alone generated more than $76 million in liquidations.

Overall, bitcoin's fluctuations in value reflect the interconnectedness between crypto markets and political developments, indicating traders are closely watching the changing election environment.

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