Markets
Ahead of Biden-Trump ‘Low Bar, High Stakes’ Debate PoliFi Tokens TRUMP, TREMP, BODEN Remain Silent
The cryptocurrency market showed no signs of enthusiasm ahead of Thursday’s crucial US presidential debate between incumbent President Joe Biden and his cryptocurrency-friendly Republican candidate Donald Trump.
As of 04:56 UTC, TRUMP, the first major token in the PoliFi space, was trading near $8.5, representing a 0.5% decline on a 24-hour basis. Its Solana-based counterpart TREMP was trading 7.2% lower at 74 cents, and the Joe Biden-themed BODEN coin was up 16% at 13 cents, according to the data source CoingeckoMeanwhile, bitcoin, the largest cryptocurrency by market value, fell 1% to $61,000.
According to TS Lombard, the first presidential debate of 2024, scheduled for Thursday at 9pm ET, will likely bring “some surprises among voters, but it has the potential to reshape, if not outright shape, a nail-biting race.”
“If the unstable Biden doesn’t outperform his rival, pressure from big Democratic donors to abandon his candidacy will increase, especially with Biden now trailing in fundraising for the second straight month. If Trump derails, Republicans may cringe, but the GOP slate will not change. Instead, the onus will shift to Trump’s yet-to-be-announced vice presidential pick to stabilize his campaign,” TS Lombard said in a note to clients Tuesday.
“In both cases, the bar (set by the first heated debate between Trump and Biden) is low, but the stakes are high,” Lombard added.
The cryptocurrency industry he exerted pressure to ensure digital assets are discussed in the televised presidential clash, and potential comments from the two candidates could inject volatility into the market.
Cryptocurrency traders will be watching the debate closely, as Trump has made digital assets a vital issue in his presidential campaign. woo industry leaders and recently stressful the need to mine all remaining bitcoins in the United States. As such, the cryptocurrency is now seen as a Trump’s tradewith Standard Chartered anticipating a record BTC rally to $150,000 in the event of a potential Trump victory.
Meanwhile, Biden has remained silent, asking federal agencies to explore risks and opportunities, including the potential debut of a central bank digital currency run by the Fed.
“Ahead of tonight’s first presidential debate, cryptocurrency traders will be watching for clues about what the November election could mean for Bitcoin and the broader industry,” said Neil Roarty, an analyst at investment platform Stocklytics. in an email to CoinDesk.
“The consensus among the crypto community seems to be that a Trump victory would be good for the industry. Aside from his vocal support, bitcoin tends to perform well during times of political and economic uncertainty, and a second Trump presidency would likely see more of both,” Roarty added.