PoliFi Tokens and BTC Face Pressure Before Biden-Trump Debate

Bitcoin and PoliFi tokens, TRUMP, TREMP, and BODEN, experienced declines in value leading up to the crucial U.S. Presidential debate scheduled for Thursday. Crypto traders are closely monitoring the debate, particularly due to Trump’s emphasis on digital assets during his campaign.

The sentiment within the crypto community suggests that a Trump win would be advantageous for the industry. The crypto market, however, did not display much enthusiasm ahead of the debate between incumbent Joe Biden and Republican candidate Donald Trump, who has shown support for cryptocurrencies.

As of 04:56 UTC, TRUMP, the primary token in the PoliFi sector, was trading around $8.5, marking a 0.5% decrease over 24 hours. TREMP, its Solana-based equivalent, was down by 7.2% at 74 cents, while the Joe Biden-themed BODEN coin saw a 16% drop at 13 cents, according to data from Coingecko. Concurrently, bitcoin, the most prominent cryptocurrency by market capitalization, was trading 1% lower at $61,000.

TS Lombard anticipates that the first presidential debate of 2024, scheduled for Thursday at 21:00 ET, could lead to surprises among voters and potentially reshape the competitive race.

The crypto industry has actively advocated for the discussion of digital assets during the televised presidential debate, with potential comments from the candidates likely to introduce volatility into the market. Trump’s focus on digital assets has positioned crypto as a significant aspect of his campaign, with projections of a substantial rally in BTC to $150,000 in the event of a Trump victory.

In contrast, Biden has maintained a more reserved stance, directing federal agencies to assess risks and opportunities, including the possible introduction of a Fed-managed central bank digital currency.

Neil Roarty, an analyst at investment platform Stocklytics, highlighted the anticipation within the crypto community regarding the implications of the election on Bitcoin and the broader sector. The prevailing view suggests that a Trump triumph would be beneficial for the industry, given his vocal support and the historical performance of bitcoin during times of uncertainty.

Overall, the crypto market remains attentive to the outcomes of the presidential debate, with a keen interest in deciphering the potential impact of the election on digital assets and the industry at large.