With the U.S. election outcome imminent, Polymarket has seen significant interest from anonymous high-stakes bettors wagering millions on former President Donald Trump’s victory.

The offshore crypto-based betting platform shows that one notable bettor stands to earn as much as $29 million if the Republican candidate wins the election.

It’s worth noting that while Trump indeed proclaimed victory, it still hasn’t been confirmed by all responsible authorities.

Potential $29 Million Payout

A Polymarket account identified only as “zxgngl” has staked $18 million on Trump winning the Electoral College, potentially yielding over $29 million in winnings if he secures the victory.

Data from blockchain analysis firm Arkham Intelligence reveals that this account was created in October by an anonymous user, who made a series of heavy investments, including $5 million in a single day this past Monday.

Another significant wager comes from an account named “walletmobile,” which has invested $10 million on the same outcome. Arkham Intelligence data shows that this bettor would walk away with $16 million if Trump wins. Polymarket shows that “walletmobile,” while initially set up in September, only began making large-scale bets earlier today.

These accounts are the latest to join a wave of high-stakes betting on Polymarket. The Wall Street Journal recently reported that a French bettor, who identifies as “Theo,” has staked more than $30 million across four separate accounts in favor of a Trump victory.

While Trump supporters dominate the high-dollar betting, Vice President Kamala Harris has also gotten bets. An account named “leier” has invested approximately $5 million on a Harris victory, which would yield nearly $11 million if she wins. Bettors supporting either candidate face an all-or-nothing risk, with a chance to earn substantial returns or lose their entire stake.

Polymarket Odds In Favor of Trump

At the time of writing,  Polymarket showed a 95% probability of a Trump victory, with the platform asserting Trump’s impending success on its X account.

“Trump is about to give his victory speech. His odds have been >95% on Polymarket for hours. Yet the mainstream media is still stringing you along for ‘critical calls’ and ‘paths to victory,’” the post stated.

Trump’s victory is particularly important for the crypto sector. Throughout his campaign, he maintained a friendly stance on crypto, even proclaiming at the Bitcoin conference in Nashville, Tennessee, that he would fire Gary Gensler, chair of the Securities and Exchange Commission (SEC), who has pursued a more restrictive approach toward digital assets.

Trump has also suggested that he would consider eliminating U.S. taxes on cryptocurrencies, opting instead for a tariff system that could redefine the industry’s regulatory landscape.

With Donald Trump seemingly poised to return to the White House, the cryptocurrency market experienced a notable uptick that drove almost all assets higher by impressive percentages.

Bitcoin, for one, tapped a new all-time high, while Solana surpassed Binance Coin as the fourth-largest cryptocurrency.

BTC Finally Did It

The primary cryptocurrency came inches away from breaking its March ATH of $73,737 last Tuesday but failed and tumbled in the following days. This culminated a week later – yesterday – when it dropped below $67,000, thus losing over six grand within this timeframe.

The situation around BTC’s price movements was highly related to the US presidential elections. This was solidified once again in the past 12 hours as the results started to pop up and the self-proclaimed pro-crypto candidate – Donald Trump – started to gain a substantial lead.

As a result, bitcoin skyrocketed from $69,000 to a new all-time high of $75,358 (according to CoinGecko). This harmed over-leveraged short traders, as the total value of liquidations shot up to over $500 million. Additionally, BTC returned to the top 10 biggest financial assets by market cap, even though it has retraced to around $74,000 now.

Its own market cap is now above $1.460 trillion, while its dominance over the alts has maintained its position at just shy of 57%.

Alts on the Run

The alternative coins were calm for a few days straight, which is highly untypical for their volatile nature, and the landscape has changed today. Solana is among the top performers from the larger caps, having soared to $185. Moreover, SOL surpassed BNB as the fourth-largest digital asset.

Dogecoin is the leader in terms of daily gains from this cohort of assets, perhaps due to Elon Musk’s affiliation with Trump. DOGE shot up to $0.2. Other notable gainers include SUI, FET, APT, KAS, AAVE, and multiple meme coins.

The cumulative market cap of all crypto assets has added more than $200 billion since yesterday and is up to $2.570 trillion on CG.

The votes are in, and it’s now official that the 47th US President will be the 45th one – Donald J. Trump. Now, the crypto industry will wait to see if he will follow through on his multiple promises to let it thrive and support it in various ways.

One of those promises made during the Nashville Bitcoin Conference earlier this year involved Gary Gensler, the current Chair of the Securities and Exchange Commission.

Trump to Fire Gensler?

Recall the events that transpired in late July, when the former BTC critic took the stage on the largest US Bitcoin Conference and, among other things, said he will fire Gensler on his first day in office if he wins the elections. He was so adamant in his proclamation that he highlighted it twice after the crowd went wild with ovations.

Now that the former and future President has officially declared himself the winner, the question arises about whether Gensler will indeed be out of the job come January.

Gensler and the agency he led for several years have been at the forefront of multiple lawsuits against crypto companies. While they have lost quite a few battles or settled at best, Gensler has ultimately failed to provide clear regulation regarding digital assets and has caused confusion on which of them are actually securities.

Perhaps the most well-known tussle the SEC has been engaged in is with Ripple. It started nearly four years ago, and the Commission sued the Brad Garlinghouse-led firm, claiming that the initial XRP sales constituted unregistered securities sales worth $1.3 billion.

The case is yet to be resolved, even though there have been many developments on the matter, which you can check here and here. Nevertheless, it seems, at least in theory, that Ripple could be among the biggest beneficiaries if Gensler is no longer at the helm of the SEC in the next few months. So, what’s happening with XRP’s price?

Why No Real Pump, XRP?

Most of the market surged today following Trump’s initial lead and subsequent victory. Bitcoin registered a new all-time high above $75,000, SOL soared by 15% to surpass BNB as the fourth-largest digital asset, DOGE shot up to north of $0.2 due to its Musk affiliation, while numerous other meme coins charted double-digit increases.

At the same time, XRP is a modest 4% up on the day. At one point, it even lost its spot as the seventh-largest cryptocurrency to DOGE but has managed to reclaim it.

The reasons behind this lack of enthusiasm, to say the least, could be multi-fold. First, it will be a couple of months before Trump goes into office. Second, he would actually need to be true to his word and, indeed, fire Gensler. Third, there’s no indication of who will be the next SEC Chair, what policies they will have related to the cryptocurrency industry, and the lawsuit against Ripple, in particular.

Consequently, there’s still a lot of uncertainty regarding the current political situation and Ripple’s case against the US securities regulator. XRP bulls might have to wait a bit longer to see the conclusion of the lawsuit and what would happen to the asset’s price.