Markets
Bitcoin Surges Amid Debate as Markets Favor Trump Over Biden
- Bitcoin witnessed a surge 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 the US is a leader in crypto innovation.
Following the widely watched presidential debate that pitted former President Donald Trump and current President Joe Biden against each other, the cryptocurrency market witnessed a surge. Although the 90-minute debate did not touch on cryptocurrencies, it saw betting markets favor Trump over Biden.
Data from PredictIt reveals that Trump’s chances of winning the presidential election are rising. Stock prices reflecting Trump’s chances on the platform soared from about $0.53 to $0.63 in an hour, while Biden’s fell sharply from $0.48 to $0.37 during the same period.
In recent weeks, Trump has found support among the crypto community after declaring his support for the industry.
During the debate, Biden’s coherence was questioned. “I don’t really know what he said at the end of that sentence; I also don’t believe he knows what he said,” Trump said. This led to speculation on social media about his ability to lead the government for the next four years.
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This was the killing shot pic.twitter.com/kEYrVCTHNu
— Auron MacIntyre (@AuronMacintyre) June 28, 2024
The crypto community embraced Trump, and his campaign received a million from each of the Winklevoss brothers, owners of Twins crypto exchange. Kraken co-founder Jesse Powell recently donated $1 million to US presidential candidate Donald Trump.
At the time of writing, BTC is trading at $60,890 after a marginal move over the past 24 hours.
Despite trading above a key psychological position, the cryptocurrency has come under intense selling pressure. The US government, Germany, and miners have been unloading huge stockpiles, flooding the market with relatively low volume. Furthermore, there has been low demand for the coin, as highlighted by net outflows in spot Bitcoin ETFs.
Earlier this week, spot Bitcoin exchange-traded funds (ETFs) recorded a 5-day outflow after accumulating $4 billion in 19 days. This signifies a waning investor interest as appetite for high-risk investments diminishes.
Trump Offers Bullish Outlook on Bitcoin (BTC)
Since hitting an all-time high of $74,000 in March, buoyed by ETFs and speculation surrounding the fourth Bitcoin halving in April, the world’s largest cryptocurrency has failed to retest its all-time high.
Historically, Bitcoin reaches new all-time highs in the months following its halving. According to market experts, Bitcoin is on track to reach a new all-time high of $100,000, with more optimistic predictions offering a price of $200,000.
The Biden administration has been accused of being anti-crypto and enforcing strict regulations on the industry, hindering its growth. Trump promised to provide a supportive environment.
If Trump wins, many will be watching Ripple v. SEC Case, which has been ongoing for more than three years. If the president is truly committed to growing the industry, this case should be concluded and possibly end with a change of leadership at the regulatory agency.
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