PoliFi Tokens and BTC Face Pressure as Biden-Trump Debate Approaches
The crypto market remained subdued ahead of Thursday’s crucial 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, with a 0.5% decrease over a 24-hour period. Its Solana-based counterpart TREMP was down 7.2% at 74 cents, while the Joe Biden-themed BODEN coin dropped 16% to 13 cents, according to data from Coingecko. Bitcoin, the dominant cryptocurrency by market value, was trading 1% lower at $61,000.
According to TS Lombard, the first presidential debate of 2024, scheduled for Thursday at 21:00 ET, may bring some surprises for voters and potentially impact the race.
“If shaky Biden underperforms, pressure from major Democrat donors to replace his candidacy could increase, especially since Biden is behind in fundraising for the second consecutive month. If Trump falters, Republicans may be concerned, but the GOP ticket will remain unchanged. The focus will likely shift to Trump’s yet-to-be-announced VP pick to stabilize his campaign,” TS Lombard stated in a client note on Tuesday.
“In both scenarios, the bar set by the contentious Trump-Biden debate is low, but the stakes are high,” Lombard added.
The crypto industry has pushed for digital assets to be a part of the televised presidential debate, as remarks from the candidates could impact market volatility.
Crypto traders will be closely monitoring the debate, as Trump has made digital assets a key focus in his presidential campaign, engaging with industry leaders and emphasizing the importance of mining the remaining bitcoin in the U.S. Consequently, crypto is now viewed as a Trump trade, with Standard Chartered predicting a potential record rally in BTC to $150,000 if Trump wins.
Meanwhile, Biden has been relatively silent, directing federal agencies to assess risks and opportunities, including the potential introduction of a Fed-managed central bank digital currency.
“Ahead of tonight’s first presidential debate, crypto traders will be eagerly awaiting insights into what the November election could mean for Bitcoin and the broader sector,” said Neil Roarty, an analyst at investment platform Stocklytics in an email to CoinDesk.
“The general sentiment within the crypto community is that a Trump victory would benefit the industry. Apart from his vocal support, bitcoin has historically performed well during times of political and economic uncertainty, and a second term for Trump would likely see more of both,” Roarty added.
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