When looking at the chart above, it is clear that if the market directly correlated crypto prices with Republican win odds, we would see an upward-sloping 45-degree line. On the other hand, a correlation with Democratic win odds would show a downward-sloping line. However, what we actually see is a scattered cloud of dots, indicating that there is no clear or consistent trend between election outcomes and crypto prices at this time.
Despite initial assumptions or expectations, the data shows that the cryptocurrency market is not directly influenced by political outcomes. This suggests that other factors play a more significant role in determining cryptocurrency prices. Investors and analysts will need to consider a wide range of variables beyond election results when making decisions in the cryptocurrency market.
As the market continues to evolve and mature, it will be interesting to see how political events may or may not impact cryptocurrency prices in the future. For now, it is clear that the relationship between election outcomes and crypto prices is more complex and nuanced than initially thought.
