The Crypto Market Holds Its Breath Ahead of the Biden-Trump Debate

As the world prepares for the highly anticipated presidential debate between Joe Biden and Donald Trump, the crypto market is bracing itself for potential volatility. With Trump’s crypto-friendly stance and Biden’s silence on the matter, the industry is watching closely to see how the debate will impact the market.

The world watches as the two presidential candidates take the stage.

The PoliFi tokens, TRUMP, TREMP, and BODEN, have already started to feel the pressure, with prices dropping ahead of the debate. Bitcoin, the leading cryptocurrency, has also seen a slight decline. According to Coingecko, TRUMP traded near $8.5, representing a 0.5% drop on a 24-hour basis, while TREMP traded 7.2% lower at 74 cents, and BODEN was 16% lower at 13 cents. Bitcoin, meanwhile, traded 1% lower at $61,000.

“If shaky Biden underperforms his rival, pressure from big Democrat donors to ditch his candidacy will surge, especially with Biden now trailing on fundraising for the second straight month.” - TS Lombard

The crypto community is largely in agreement that a Trump victory would be favorable for the industry. With Trump’s vocal support for digital assets and his recent emphasis on mining all remaining bitcoin in the U.S., the industry is hoping for a Trump win. Standard Chartered has even predicted a record rally in BTC to $150,000 on a potential Trump victory.

A potential Trump victory could lead to a record-breaking bitcoin rally.

On the other hand, Biden has been silent on the matter, with his administration exploring the risks and opportunities of digital assets, including the potential debut of a Fed-managed central bank digital currency.

“Ahead of tonight’s first presidential debate, crypto traders will be watching keenly for clues as to what November’s election could mean for Bitcoin and the wider sector.” - Neil Roarty, analyst at Stocklytics

As the debate approaches, the crypto market is holding its breath, waiting to see how the candidates will address digital assets and what impact their words will have on the market.

The crypto market waits with bated breath as the debate approaches.