News
Ahead of Biden-Trump “Low Bar, High Stakes” Debate PoliFi Tokens TRUMP, TREMP, and BODEN Remain Silent
The cryptocurrency market showed little sign of enthusiasm ahead of Thursday’s crucial US presidential debate between incumbent President Joe Biden and his crypto-friendly Republican nominee 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 leading cryptocurrency by market value, fell 1% to $61,000.
According to TS Lombard, the first presidential debate of 2024, set for Thursday at 9 p.m. ET, will likely bring “some surprises for voters, but has the potential to reshape if not create a dead heat.”
“If the shaky Biden underperforms his rival, pressure from big Democratic donors to abandon his candidacy will increase, especially with Biden now struggling in fundraising for the second straight month. If Trump goes off the rails, Republicans they may wince, but the GOP ticket won’t win” It won’t change. Rather, the burden will shift to Trump’s yet-announced vice presidential pick to stabilize his campaign,” TS Lombard said in a note to clients on 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 put pressure on 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. Therefore, 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, crypto traders will be keenly watching 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 to CoinDesk.
“The consensus among the cryptocurrency community seems to be that a Trump victory would be good for the sector. Aside from his vocal support, bitcoin has tended to perform well during times of political and economic uncertainty, and a second Trump presidency will likely see more of both,” Roarty added.