Bitcoin Value Rises Amidst Presidential Debate, Odds Favor Trump Over Biden
Summary:
During the first televised presidential debate on CNN, Bitcoin's value saw an increase of up to 1.1% as odds favored Donald Trump. Before the debate, Bitcoin was valued at $61,439 but peaked at $62,152 during the event. PredictIt's data revealed Trump's rising odds while Biden's fell, resulting in a 26-point gap between the two candidates. This led to speculators decreasing Biden's chance of winning the election.
In the midst of the first presidential debate, Bitcoin's value experienced an increase of up to 1.1% as Donald Trump, presidential candidate, extended his lead over President Joe Biden in the betting markets. Prior to the televised debate on CNN on the night of June 27, Bitcoin was valued at $61,439. However, as the debate ensued, the cryptocurrency's value shot up to $62,152, with CNN moderators firing question after question at the two political figures. According to data from TradingView, Bitcoin has since receded in value to $61,362 at the time this news was reported.
Insights drawn from the predictive markets platform, PredictIt, reveal that Trump's likelihood of returning to the Oval Office surged as Biden's prospects dipped. Biden faltered with several responses and struggled to complete some sentences during the debate, resulting in his slipping odds. PredictIt's share prices that mirror Trump's odds of victory saw a surge from roughly $0.53 to $0.63 within an hour. Conversely, Biden's dropped from about $0.48 to a mere $0.37 in the same span of time. This resulted in a 26-point gap between the two. As a result of the debate event, speculators have reduced the probability of a Biden victory in the upcoming election, according to PredictIt. As things continue to evolve, more updates will be shared.
Published At
6/28/2024 6:00:39 AM
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