PoliFi Tokens, BTC Under Pressure Ahead of Biden-Trump Debate

As a seasoned crypto investor with a keen interest in the political landscape, I’m keeping a close eye on Thursday’s U.S. Presidential debate between Joe Biden and Donald Trump. The past few days have seen losses for major digital assets such as Bitcoin, TRUMP, TREMP, and BODEN, ahead of this pivotal event.

Before the highly anticipated U.S. Presidential debate between Joe Biden and Donald Trump on Thursday, the cryptocurrency market failed to generate any noticeable enthusiasm.

At 4:56 UTC, the primary asset in the PoliFi sector, TRUMP, was priced around $8.5, marking a 0.5% decrease over the last 24 hours. In comparison, its Solana counterpart, TREMP, was trading at a 7.2% discounted rate of 74 cents, and the BODEN coin, themed after Joe Biden, stood at 13 cents, reflecting a 16% decline, according to data from Coingecko. Meanwhile, Bitcoin, the most valuable cryptocurrency, was down by 1%, trading at $61,000.

As a crypto investor, I’m always keeping an eye on events that could potentially impact markets. Based on TS Lombard’s analysis, the upcoming presidential debate in 2024, scheduled for 21:00 ET on Thursday, could bring some unexpected voter shifts. This debate might even reshape a currently dead-heat race.

If Biden’s performance is unstable and he lags behind his rival, there will be increasing demands from major Democratic donors for him to withdraw from the race. This pressure becomes more pronounced as Biden has fallen behind in fundraising for two consecutive months. On the other hand, if Trump behaves erratically, Republicans might express concerns, but they are unlikely to replace their ticket. Instead, the responsibility of stabilizing Trump’s campaign will fall on his yet-to-be-announced running mate. (TS Lombard’s observation in a note to clients on Tuesday)

As a crypto investor, I’d put it this way: “The debates between Trump and Biden have set the bar low, but the consequences are significant. Therefore, it’s crucial to stay informed.”

The cryptocurrency sector has made efforts to bring up the topic of digital assets during the live television debates between the presidential candidates. Any remarks made by the candidates on this issue could spark significant price fluctuations in the crypto market.

Crypto traders are keeping a keen eye on the presidential debate, as digital assets have become a significant topic due to Trump’s engagement with industry leaders and recent emphasis on mining all remaining bitcoin in the U.S. As a result, Bitcoin is now referred to as the “Trump trade,” with Standard Chartered predicting an unprecedented surge to $150,000 if Trump wins the election.

Currently, Biden has remained quiet on the matter. He has instructed federal agencies to investigate both the threats and benefits, which could potentially involve the introduction of a digital currency overseen by the Federal Reserve.

Before the initial presidential debate tonight, cryptocurrency investors will closely monitor the debate for indications of how Bitcoin and the entire industry might be impacted by the upcoming November election, according to Neil Roarty, an analyst at investment platform Stocklytics, in an email to CoinDesk.

According to the cryptocurrency community, there’s a widespread belief that a Trump win in the upcoming election would benefit the industry. Not only has he expressed positive views towards crypto, but bitcoin has historically thrived during times of economic and political instability. A second term for Trump is expected to bring more of these uncertain conditions.