Altcoins
Those Altcoins are waiting for the Trump-Biden debate!
Bitcoin and PoliFi-focused altcoins TRUMP, TREMP, and BODEN suffered losses ahead of Thursday’s presidential debate. Cryptocurrency Traders will be following the debate closely as Trump makes cryptocurrencies a key part of his presidential campaign. There is a general consensus in the crypto community that a Trump victory would be positive for the industry.
Exciting wait in the altcoin market
There have been no signs of excitement in the cryptocurrency market ahead of the US presidential debate. At the time of writing, TRUMP, the first major token in the PoliFi sector, was trading at $8.5, down 0.5% over a 24-hour period. Solana-based TREMP traded at 74 cents, down 7.2%. The Joe Biden-themed BODEN coin was at 13 cents, down 16%. At the same time, Bitcoin, the leading cryptocurrency by market capitalization, was trading at $61,000, down 1%.
The first presidential debate of 2024, scheduled for Thursday at 9 pm ET (4 pm ET), has the potential to create “some surprises for voters” and “reshape a contentious race,” according to TS Lombard. It has potential. In a note to clients on Tuesday, TS Lombard said:
If the underdog Biden falls behind his rival, pressure from major Democratic donors will increase for Biden to abandon his candidacy, especially since Biden has lagged in fundraising for two consecutive months. Self trump spirals out of control, Republicans may be shocked, but the GOP ticket will not change. The onus will instead fall on Trump’s yet-to-be-announced vice presidential nominee, who is expected to stabilize the campaign. In any case, the bar set by the contentious first Trump-Biden debate is low, but the stakes are high.
Cryptocurrency industry outlook
THE cryptocurrency The industry has been pushing for crypto assets to be discussed on television, and potential comments from the two candidates could create volatility in the market. Cryptocurrency traders will be following the debate closely as Trump makes cryptocurrencies a key part of his presidential campaign. Trump has brought crypto assets to the forefront, establishing close ties with industry leaders and recently stressing that all remaining Bitcoin in the United States should be mined. Therefore, the cryptocurrency is now seen as a Trump trade and Standard Chartered predicts that Bitcoin could reach $150,000 levels in the event of a possible Trump victory.
Biden remained silent, asking federal agencies to conduct research on risks and opportunities and examine the possible launch of a Fed-run central bank digital currency. “Ahead of tonight’s first presidential debate, cryptocurrency traders will be looking closely for clues about what the November election could mean for Bitcoin and the industry at large,” said Neil Roarty, an analyst at investment platform Stocklytics. He also said:
The general consensus among the crypto community is that a Trump victory would be good for the industry. Trump’s vocal support aside, Bitcoin tends to perform well during times of political and economic uncertainty, and a second Trump presidency would bring more uncertainty.
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