The cryptocurrency market took a hit as Bitcoin and PoliFi tokens, TRUMP, TREMP, and BODEN, faced losses leading up to the highly anticipated presidential debate on Thursday. This debate is between the current president Joe Biden and his crypto-friendly Republican opponent, Donald Trump.
TRUMP, the primary token in the PoliFi sector, was trading around $8.5, down by 0.5% in a 24-hour period. The Solana-based TREMP dropped by 7.2% to 74 cents, while the BODEN coin, representing Joe Biden, fell by 16% to 13 cents. In comparison, Bitcoin, the largest cryptocurrency by market value, saw a 1% decrease, trading at $61,000.
The upcoming presidential debate on Thursday at 21:00 ET is expected to bring surprises for voters and could potentially impact the outcome of the race. The performance of the candidates, especially Biden, will be closely scrutinized, and any missteps could lead to significant changes in the election dynamics.
The cryptocurrency industry has been advocating for digital assets to be a part of the debate, as Trump has made it a central issue in his campaign. His support for the industry and his plans to mine all remaining Bitcoin in the U.S. have positioned crypto as a Trump trade. Some analysts predict a significant rally in Bitcoin to $150,000 if Trump secures a second term.
On the other hand, Biden has been relatively quiet on the topic, focusing on exploring the risks and opportunities associated with digital assets. His approach towards a potential Fed-managed central bank digital currency has garnered attention from the crypto community.
As the debate approaches, crypto traders are eager to gain insights into how the election outcome could affect Bitcoin and the broader crypto sector. The prevailing sentiment among many in the crypto community is that a Trump victory would be beneficial for the industry. Bitcoin has historically performed well during times of political and economic uncertainty, and a second term for Trump could lead to further growth in the cryptocurrency market.
Overall, the cryptocurrency market remains on edge as traders await the outcome of the debate and the potential implications for digital assets. The industry’s hopes are high for a candidate who will support and foster the growth of cryptocurrencies in the United States.
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