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The upcoming debate between Biden and Trump will impact the Bitcoin and crypto market – what analysts predict
The next high-stakes presidential debate between the incumbent Joe Biden It is challenging donald trump unlikely to have a significant impact Bitcoins BTC/USD price.
What happened: Trump and Biden will face off in the first presidential debate of 2024 on Thursday, which will see them face off on a variety of hot topics. Many believe that cryptocurrencies can also spark an interesting discussion.
Cryptocurrency exchange analysts Bitfinex told Benzinga that leaders’ positions on regulations and digital currencies are well known and investors have already considered them.
“Any reiteration of these views during the debate is unlikely to introduce new volatility,” the analysts predicted.
Experts added that while the debate may address the regulatory frameworks governing cryptocurrencies, the lack of details, which typically emerge after detailed political announcements, may keep volatile moves at bay.
See too: Trump Reportedly Discussing Participation in Bitcoin 2024 Conference, Move to Reinforce ‘Crypto President’ Image?
Last but not least, Bitfinex analysts highlighted the ineffectiveness of political debates in significantly impacting the market, as opposed to direct regulatory actions, technological developments and macroeconomic factors.
That being said, “Politifi” tokens like the Magic Coin TRUMP/USD and JEO BODEN The BODEN/USD pair may encounter considerable volatility during and after the debate, analysts predicted.
Why this matters: Decentralized Prediction Market Polymarket, which calls itself the largest prediction market in the world, set the chances of Trump mentioning cryptocurrencies or Bitcoin in the discussion at 46% at the time of writing.
Influential industry figures such as Arca Invest Founder Katie Wood had previously called cryptocurrencies, an important election issue in 2024and many voters could base their vote on his policy and support.
According to a recent survey, a third of voters will consider a candidate’s stance on cryptocurrencies in the next 2024 elections.
Price Action: At the time of writing, TRUMP is trading at $8.45, up 29% in the last 24 hours. Coin parodying Joe Biden, BODEN rose 58% to US$0.144.