The cryptocurrency market remained relatively stable leading up to the pivotal U.S. Presidential debate scheduled between the incumbent Joe Biden and the crypto-friendly Republican candidate, Donald Trump.
At 04:56 UTC, major tokens like TRUMP, TREMP, and BODEN were observed to have slight changes in their trading values. TRUMP traded near $8.5 with a slight 0.5% drop, while TREMP saw a 7.2% decrease at 74 cents, and BODEN dropped by 16% to 13 cents.
Bitcoin, the leading cryptocurrency, was trading 1% lower at $61,000 during the same period.
TS Lombard, a prominent research firm, highlighted the significance of the upcoming debate, stating that it could potentially reshape the election dynamics. The debate scheduled for Thursday is expected to bring surprises and may impact the race significantly.
The crypto industry has been actively advocating for discussions around digital assets during the presidential debate. The remarks made by the candidates regarding cryptocurrencies could introduce volatility into the market.
Trump has notably emphasized his support for the crypto industry, engaging with industry leaders and emphasizing the importance of mining remaining bitcoins in the U.S. His stance has positioned crypto as a key element of his campaign, with projections of a potential BTC rally to $150,000 in the event of a Trump victory.
On the other hand, Biden’s approach has been more reserved, focusing on exploring the risks and opportunities associated with digital assets, including the potential introduction of a Fed-managed central bank digital currency.
As the debate approaches, crypto traders are closely monitoring the candidates’ statements for insights into how the election outcome could impact the crypto sector. The prevailing sentiment suggests that a Trump victory would likely be beneficial for the industry due to his vocal support and the historical performance of Bitcoin during times of uncertainty.
Overall, the first presidential debate of 2024 holds significant implications for both the traditional financial markets and the crypto industry, making it a crucial event to watch for all stakeholders.