News
Ahead of Biden-Trump “Low Bar, High Stakes” Debate PoliFi Tokens TRUMP, TREMP, and 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.
At 04:56 UTC, TRUMP, the first major token in the PoliFi sector, traded around $8.5, down 0.5% on a 24-hour basis. According to the data source, its Solana-based counterpart TREMP was trading 7.2% lower at 74 cents and the Joe Biden-themed BODEN coin was 16% lower at 13 cents. Coingecko. Meanwhile, bitcoin, the leading cryptocurrency by market value, traded 1% lower at $61,000.
According to TS Lombard, the first presidential debate of 2024, set for Thursday at 9pm ET, will likely bring “some surprises for voters, but has the potential to reframe if not outright create a tied race.”
“If the volatile Biden does not perform as well as his rival, pressure from big Democratic donors to abandon his candidacy will increase, especially with Biden now lagging in fundraising for the second straight month. If Trump derails, Republicans they may cringe, but the GOP slate won’t change. Rather, the burden 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 the talk of the televised presidential showdown, and potential comments from the two candidates could inject volatility into the market.
Cryptocurrency traders will be following the debate closely, as Trump has made digital assets a vital issue in his presidential campaign court 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, having asked federal agencies to explore risks and opportunities, including the potential debut of a Fed-run central bank digital currency.
“Ahead of tonight’s first presidential debate, cryptocurrency traders will be watching closely for clues about what the November election could mean for Bitcoin and the broader sector,” Neil Roarty, an analyst at investment platform Stocklytics, said in an email. -email CoinDesk.
“The consensus among the crypto community seems to be that a Trump victory would be favorable for the industry. Aside from the vocal support he has given, bitcoin tends to perform well during times of political and economic uncertainty, and a second Trump presidency probably see more of both,” Roarty added.