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The Crypto Market Ahead of U.S. Presidential Debate
Explore the impact of the U.S. Presidential Debate on the crypto market. Stay updated on the latest trends and potential outcomes in the world of cryptocurrency.
The crypto market remained calm leading up to the pivotal U.S. Presidential debate between incumbent Joe Biden and his crypto-friendly Republican candidate, Donald Trump. At 04:56 UTC, TRUMP, the primary token in the PoliFi sector, was trading near $8.5, showing a slight 0.5% decrease over 24 hours. Concurrently, its Solana-based counterpart TREMP was down 7.2% at 74 cents, while the Joe Biden-themed BODEN coin had dropped by 16% to 13 cents, as reported by Coingecko. Bitcoin, the dominant cryptocurrency by market value, was trading 1% lower at $61,000.
Expectations for the Debate
According to TS Lombard, the first presidential debate of 2024, scheduled for Thursday at 21:00 ET, could result in some surprises among voters and potentially reshape the race. The outcome of the debate holds significance, with implications for the future course of the election campaign.
If Biden underperforms, there may be increased pressure from major Democrat donors for him to step down, especially given his recent fundraising challenges. On the other hand, if Trump falters, there might be concerns within the GOP, although it is unlikely to lead to changes in the ticket immediately.
TS Lombard emphasized the importance of the debate, stating that although the expectations are not high following the previous Trump-Biden debate, the potential impact is significant.
Crypto Industry’s Interest in the Debate
The crypto industry has been actively lobbying for digital assets to be discussed during the televised debate. Any comments made by the candidates regarding cryptocurrencies could introduce volatility into the market.
Trump has made digital assets a central theme in his campaign, engaging with industry leaders and emphasizing the importance of mining remaining bitcoins in the U.S. Consequently, Bitcoin is considered a “Trump trade,” with forecasts of a potential rally to $150,000 in the event of a Trump victory.
In contrast, Biden has been relatively silent on the issue, focusing on exploring risks and opportunities related to digital assets, including the potential introduction of a Fed-managed central bank digital currency.
Market Analysis and Expectations
Crypto traders are eagerly awaiting the debate, as it could provide insights into the potential impact of the election on Bitcoin and the broader crypto sector. There is a prevailing sentiment within the crypto community that a Trump victory would be beneficial for the industry, given his vocal support and the historical performance of Bitcoin during times of uncertainty.
Neil Roarty, an analyst at investment platform Stocklytics, highlighted the importance of tonight’s debate for the crypto market and the expectations surrounding the election outcome.