Markets
Ahead of ‘low-bar, high-stakes’ Biden-Trump debate, PoliFi tokens TRUMP, TREMP and BODEN remain silent
The crypto market showed no signs of enthusiasm ahead of Thursday’s crucial US presidential debate between incumbent President Joe Biden and his crypto-friendly Republican candidate Donald Trump.
As of 04:56 UTC, TRUMP, the first major token in the PoliFi sector, was trading near $8.5, down 0.5% over 24 hours. Its Solana-based counterpart TREMP was trading down 7.2% at 74 cents and the Joe Biden-themed BODEN coin was down 16% at 13 cents, according to the data source. CoingeckoMeanwhile, bitcoin, the leading cryptocurrency by market value, was trading down 1% at $61,000.
According to TS Lombard, the first presidential debate of 2024, scheduled for Thursday at 9:00 p.m. ET, is likely to bring “some surprises to voters, but has the potential to reshape, even shape, a tied race.”
“If a fragile Biden underperforms his rival, pressure from big Democratic donors to abandon his candidacy will increase, especially since Biden is now trailing in fundraising for the second straight month. If Trump derails, Republicans may wince, but the GOP ticket will prevail. “That won’t change. Instead, it will be up to the yet-to-be-announced vice presidential pick to stabilize his campaign,” TS Lombard said in a note to clients Tuesday.
“In both cases, the bar (set by the first truculent debate between Trump and Biden) is low, but the stakes are high,” Lombard added.
The Crypto Industry lobbied to ensure digital assets are discussed during the televised presidential showdown, and potential comments from both candidates could inject volatility into the market.
Cryptocurrency traders will be watching the debate closely as Trump has made digital assets a vital issue in his presidential campaign in woo industry leaders and recently stressful the need to mine all remaining bitcoins in the United States. As such, crypto is now considered a Trump tradewith Standard Chartered anticipating BTC rally to $150,000 on potential Trump victory
Meanwhile, Biden has remained silent, having asked federal agencies to explore risks and opportunities, including the potential launch of a central bank digital currency managed by the Fed.
“Ahead of tonight’s first presidential debate, crypto traders will be closely watching for clues about what the November election could mean for Bitcoin and the broader sector,” Neil Roarty, an analyst at investment platform Stocklytics, told CoinDesk in an email.
“The consensus within the crypto community seems to be that a Trump victory would be good for the industry. Aside from the vocal support he has provided, bitcoin tends to perform well during periods of political and economic uncertainty , and a second Trump presidency is likely to see more of both,” Roarty added.