Presidential Debate Sparks Cryptocurrency Turbulence; Trump and Biden-Inspired Tokens Plunge
Summary:
During the first live presidential debate between US President Joe Biden and candidate Donald Trump, cryptocurrency tokens associated with them faced significant losses, with depreciations as high as 53%. The debate excluded any discussion of digital currencies, despite significant investments from interested political committees. In the face of these drops, Bitcoin managed to increase by 1.1%. Moreover, PredictIt platform data indicated Trump's odds for presidency improved, whereas Biden's likelihood dipped.
Cryptocurrency tokens inspired by US President Joe Biden and challenger Donald Trump encountered significant downturns, as high as 53%, during the heat of their first live presidential debate. The Trump-themed cryptotoken, dubbed TRUMP, began to nosedive approximately 20 minutes prior to the commencement of the discourse on June 27, 9pm ET, shedding 24.6% of its value to settle at $7.23 as standards of today, according to CoinGecko's data. Biden's associated token, BODEN, suffered a harsher fate, dwindling by over 53% from its peak of $0.17 on June 27 to $0.08 just after the face-off, although it made a slight gain back to $0.091 afterward.
Other Trump-related tokens, STRUMP and BABYTRUMP, also faced double-digit slump during this eventful period. The key talking points of the debate for Trump and Biden revolved around the economy, immigration, warfare, and abortion, without any mention of cryptocurrencies not being raised by either the speakers or the moderators. This occurred despite the whopping sum of over $200 million amassed by a group of super political action committees, intent on influencing the 2024 election in favor of the cryptocurrency industry. The subsequent debate slated for September 10 offers another stage for potential discourse concerning the digital asset sector.
Despite the sharp dips experienced by the PolitiFi cryptos, Bitcoin (BTC) somehow managed to record a 1.1% increase during the intense 90-minute debate. However, prediction markets platform, PredictIt, indicated an increase in Trump’s probability of securing the presidency, while Biden’s odds took a hit as observers noted his struggle with certain responses and inability to complete some sentences. Trump’s odds rose from $0.53 to $0.63, while Biden’s sharply declined from $0.48 to $0.37 within the same period.
Published At
6/28/2024 8:08:55 AM
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