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Author: Omkar Godbole, CoinDesk; Compilation: Wuzhu, Bitchain Vision
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Bitcoin and PoliFi tokens TRUMP, TREMP and BODEN suffered losses ahead of Thursday’s presidential debate.
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Cryptocurrency traders will keep an eye on the debate as Trump has made digital assets a major issue in his presidential campaign.
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The consensus among the cryptocurrency community seems to be that Trump’s victory will benefit the industry.
The cryptocurrency market showed no signs of excitement ahead of Thursday’s key debate.
As of 04:56 UST, TRUMP, the largest token in PoliFi, traded at nearly US$8.5, down 0.5% in 24 hours.Solana-based TREMP tokens fell 7.2% to 74 cents, while the Joe Biden-themed BODEN token fell 16% to 13 cents, according to data source Coingecko.Meanwhile, Bitcoin, the leading cryptocurrency in the market capitalization, fell 1% to $61,000.
According to TS Lombard, the first presidential debate of 2024, scheduled for Thursday at 9:00 pm ET, could bring voters “some surprises, but it is also possible to re-emerge if there is no close competition.conduct”.
“If the shaky Biden performs worse than his opponent, pressure from big Democratic donors to give up his candidacy will surge, especially Biden has now lagged behind in fundraising for the second consecutive month.If Trump deviates from the track, the Republican Party may win.”Instead, the responsibility for stabilizing his campaign will shift to Trump’s unannounced vice presidential election,” Lombard said in a report to clients on Tuesday.
“In both cases, the threshold (set by Trump Biden’s first fierce debate) is low, but the risks are high,” Lombard added.
The crypto industry has been lobbying to ensure digital assets are discussed in a television-based presidential standoff, with potential comments from both candidates likely to bring volatility to the market.
Cryptocurrency traders will keep an eye on the debate as Trump makes digital assets an important issue in his presidential campaign by showing goodwill to industry leaders and recently stressing the need to mine all remaining bitcoin in the United States.Therefore, cryptocurrencies now view Trump as an influencing factor,Standard Chartered expects Bitcoin to rise to $150,000 if Trump may win.
Meanwhile, Biden has remained silent, asking federal agencies to explore risks and opportunities, including the possibility of launching a central bank digital currency managed by the Federal Reserve.
Neil Roarty, an analyst at the investment platform Stocklytics, said in an email:“Before tonight’s first presidential debate, cryptocurrency traders will be watching clues about what the November election means for Bitcoin and the wider industry.”
“The consensus among the cryptocurrency community seems to be that Trump’s victory will benefit the industry. In addition to the verbal support he gave, Bitcoin has also concentrated on performing well in times of political and economic uncertainty, with Trump serving as a second time as a member of the company.The president may see more of both,” Roarty added.
