Crypto Market Anticipates Major Shift Before Trump Debate, Potentially Impacting Bitcoin, Ethereum, and XRP Prices
Bitcoin is gearing up for a significant event in Washington in the upcoming week after former President Donald Trump surprisingly announced himself as the “crypto president.”
The price of bitcoin has surged from approximately $15,000 per bitcoin following the FTX crypto exchange collapse in late 2022 to its peak of $70,000, leading to a more than doubling of the ethereum price and an almost 60% increase in XRP as the broader crypto market experiences a rebound.
Speculation is rife that President Joe Biden might address crypto policy during his first presidential debate with Trump on June 27, as tech billionaire Michael Dell fuels rumors that his computer company could enter the bitcoin space.
Bitfinex analysts believe that the U.S. presidential debate between Biden and Trump may not significantly impact the bitcoin price but could affect the broader crypto market. Both candidates have established positions on cryptocurrencies and financial regulations, with any reiterated views during the debate unlikely to introduce new market volatility.
Trump has embraced bitcoin and crypto recently, earning millions from crypto-based digital trading card NFTs, putting him at odds with the Biden administration’s anti-crypto stance. Trump expressed support for crypto, accepting campaign donations in various cryptocurrencies.
Reports suggest the Biden campaign is in talks to accept bitcoin and crypto donations through Coinbase, indicating a potential shift in stance. A leaked email revealed a significant upcoming meeting between Biden administration officials, Congress members, and business figures like Mark Cuban to discuss blockchain innovation.
Cuban, a Biden supporter, has cautioned that Biden’s anti-crypto stance could pave the way for Trump’s victory in the 2024 election. Anthony Scaramucci, a Biden supporter and former Trump aide, believes Biden’s crypto opposition may soften in a second term, suggesting a shift in the regulatory landscape.
Scaramucci indicated that the anti-crypto sentiment pushed by Senator Elizabeth Warren and SEC chair Gary Gensler may be waning, with the crypto industry already prevailing in the ongoing regulatory debate.
