Bitcoin Soars Amid Debate As Markets Favor Trump Over Biden

• Bitcoin saw a slight uptick following the Trump vs. Biden debate, which saw the odds favor Trump for the presidential seat.
• Trump has received support from the crypto community after revealing that he will ensure that the United States leads in crypto innovation.

After the closely watched presidential debate between former President Donald Trump and current President Joe Biden, the cryptocurrency market saw a surge. Although the 90-minute debate did not touch on cryptocurrencies, it saw betting markets favoring Trump over Biden.

Data from PredictIt reveals that the odds of Trump winning the presidential seat are increasing. Stock prices reflecting Trump’s chances on the platform rose from about $0.53 to $0.63 in an hour, while Biden’s fell from $0.48 to $0.37 over the course of the same period.

In recent weeks, Trump has found support within the crypto community after declaring his support for the industry.

During the debate, Biden’s coherence was questioned. “I really don’t know what he said at the end of that sentence; I don’t think he knows what he said either,” Trump said. That led to speculation on social media about his ability to lead the government for the next four years.

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The crypto community embraced Trump and his campaign received a million each from the Winklevoss brothers who own the Gemini crypto exchange. Jesse Powell, co-founder of Kraken recently donated $1 million to US presidential candidate Donald Trump.

At the time of writing, BTC is trading at $60,890 after a marginal change over the past 24 hours.

Despite trading above a key psychological position, the cryptocurrency has been under intense selling pressure. The US government, Germany, and mining companies have sold huge reserves, flooding the market with relatively low volumes. Additionally, demand for the coin has been weak, as highlighted by net outflows from Bitcoin spot ETFs.

Earlier this week, Spot Bitcoin exchange-traded funds (ETFs) recorded a 5-day outflow after amassing $4 billion in 19 days. This means a decline in investor interest as the appetite for high-risk investments diminishes.

Trump offers bullish outlook for Bitcoin (BTC)

Since hitting its all-time high of $74,000 in March, driven by ETFs and speculation around Bitcoin’s fourth halving in April, the world’s largest cryptocurrency has failed to retest the all-time high.

Historically, Bitcoin hits a new all-time high in the months following its halving. According to market experts, Bitcoin is poised to hit a new all-time high of $100,000, with more optimistic predictions proposing a price of $200,000.

The Biden administration has been accused of being anti-crypto and applying strict regulations to the sector, hindering its growth. Trump promised to provide a supportive environment.

If Trump wins, many will watch the Ripple v. SEC casewhich has been going on for more than three years. If the president is truly committed to growing the industry, this deal should be concluded and possibly end with a change in leadership at the regulatory agency.

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