Key Points
- PoliFi tokens including TRUMP, TREMP, BODEN record losses ahead of today’s Presidential debate.
- Bitcoin is trading above $60,000, down by over 1% in 24 hours.
A Presidential debate between Donald Trump and Joe Biden takes place later today, and the crypto market lacks upward movements ahead of the important event.
Important PoliFi tokens recorded losses today. TRUMP which is the first major token in the PoliFi sector is trading above $8.35 at the moment of writing this article, down by 1% today. TREMP, the Solana-based token is trading above $0.70, down by 11% today.
BODEN, the Joe Biden-themed token is currently trading above $0.1, down by 16% today.
Bitcoin has also recorded price losses and it’s currently trading above $60,000, down by over 1% today.
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The first Presidential debate takes place today
Today, the first Presidential debate takes place at 21:00 ET and it will be hosted by CNN. This will be the first time either candidate has been on a debate stage since 2020.
The debate will also be simulcast on other networks, including CBS and CBS News 24/7 streaming.
and it will probably bring a few voter surprises, at the same time, having the potential to recast if not reshape the race, according to TS Lombard, a globally renowned independent economic and investment strategy research provider.
Earlier this week, in a note to clients, TS Lombard also said that is Biden underperforms his rival, pressure from Big Democrat donors to drop his candidacy will surge. Also, Biden is now trailing on fundraising for the second straight month.
The same notes revealed that if Trump “goes off the rails” Republicans may wince, but the GOP ticket will not change and the onus will shift to Trump’s VP pick to steady his campaign.
Lombard added that in both cases, the bar is low and the stakes are high.
According to recent reports, the crypto industry has made efforts to ensure that digital assets will also be a topic during the debate, and potential comments coming from the two candidates will bring more volatility in the market.
Trump has made it very clear that he strongly supports the crypto industry and plans to keep it in the US. He reiterated his support multiple times, and according to recent reports from Axios, he is even considering speaking at the Bitcoin 2024 event in Nashville, Tennessee.
On the other hand, Biden has been silent and he asked federal agencies to explore risks and opportunities, including a potential debut of a Fed-managed CBDC.
What’s certain is that crypto traders will be closely watching the debate, analyzing potential clues as to what the November elections in the US could mean for Bitcoin and the crypto industry at large.
Neil Roarty, analyst at investment platform Stocklytics, recently stated that the consensus among the crypto community seems to be that a victory for Trump would be beneficial for the industry.