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Cryptocurrency ‘Trump Trade’ on Hold as Other Factors Capture Market (BTC, ETH)
President Joe Biden’s poor performance in a debate last week has boosted the prospects of Donald Trump, his crypto-hugging opponent, to return to the White House.
So why is it? Bitcoin actually trading lower than before the debate? And why are smaller so-called altcoins doing even worse? Traders say the market is being driven by other catalysts at the moment, including the anticipated sell-off of Bitcoin being released from the assets of the bankrupt exchange Mount Gox and “unlocks,” which are distributions of additional tokens issued by smaller digital currencies.