Crypto Market and U.S. Presidential Election 2024: What You Should Know Before Tonight’s Debate

KEYTAKEAWAYS

TABLE OF CONTENTS

• KEY TAKEAWAYS
• MARKET PERFORMANCE OF BTC AND POLIFI TOKENS
• DEBATE EXPECTATIONS
• CRYPTO INDUSTRY’S FOCUS
• MARKET SENTIMENT
• CONCLUSION
• DISCLAIMER
• WRITER’S INTRO

CONTENT

The crypto market remained calm ahead of the crucial U.S. Presidential debate on Thursday between the current President Joe Biden and the crypto-supportive Republican candidate, Donald Trump.  Before tonight’s first presidential debate, CoinRank has compiled a few key points related to the presidential election and the crypto market for readers’ reference.

MARKET PERFORMANCE OF BTC AND POLIFI TOKENS

• TRUMP Token: As of 04:56 UTC, TRUMP, the pioneering token in the PoliFi sector, traded near $8.5, marking a slight 0.5% decline over 24 hours.
• TREMP Token: This Solana-based counterpart to TRUMP saw a significant drop of 7.2%, trading at 74 cents.
• BODEN Coin: The Joe Biden-themed BODEN coin experienced a substantial decline of 16%, trading at 13 cents.
• Bitcoin: The leading cryptocurrency, Bitcoin, traded 1% lower at $61,000.

DEBATE EXPECTATIONS

According to TS Lombard, the first presidential debate of 2024, scheduled for Thursday at 21:00 ET, could bring notable voter surprises and potentially reshape a closely contested race.

• Biden’s Performance: If Biden underperforms, there could be increased pressure from major Democrat donors to reconsider his candidacy, especially since Biden has trailed in fundraising for the second consecutive month.
• Trump’s Performance: If Trump falters, it may cause concern among Republicans, but the GOP ticket is unlikely to change. Instead, the responsibility will fall on Trump’s yet-to-be-announced Vice President pick to stabilize his campaign.

CRYPTO INDUSTRY’S FOCUS

The crypto industry has lobbied to include digital assets in the presidential debate. Comments from the candidates could introduce volatility into the market.

• Trump and Crypto: Trump has integrated digital assets into his campaign, engaging with industry leaders and emphasizing the need to mine all remaining Bitcoin in the U.S. This focus has made crypto a significant element of his campaign, with Standard Chartered predicting a potential BTC rally to $150,000 if Trump wins.
• Biden’s Approach: In contrast, Biden has remained mostly silent on the matter, directing federal agencies to explore the risks and opportunities of digital assets, including the possibility of a central bank digital currency.

MARKET SENTIMENT

Crypto traders are keenly watching the debate for any indications of how the November election might impact Bitcoin and the broader sector.

• Trump Victory: The general consensus within the crypto community is that a Trump victory would benefit the industry. His vocal support for digital assets and the tendency of Bitcoin to perform well during political and economic uncertainty suggest a positive outlook for crypto under a second Trump presidency.
• Analyst Insight: Neil Roarty, an analyst at Stocklytics, noted in an email to CoinDesk that the crypto community sees Trump’s support and the potential for continued uncertainty as favorable conditions for Bitcoin’s performance.

CONCLUSION

The U.S. Presidential debate could significantly impact the cryptocurrency market, with traders closely monitoring candidate positions on digital assets. Trump’s proactive stance and Biden’s cautious approach create contrasting expectations for the crypto sector’s future, depending on the election’s outcome.