- The presidential debate ignored crypto, but altcoins showed bullish trends.
BODEN fell by 35%, while TREMP declined by 7.35% post-debate.
As an analyst with a background in financial markets and crypto, I find it intriguing how the presidential debate unfolded without addressing the crypto industry’s concerns, despite its growing importance in the political landscape. The absence of any mention during the debate led to mixed reactions from the community.
The long-awaited face-off between Former President Donald Trump and President Joe Biden in the inaugural debate for the 2024 presidential election has concluded.
From my perspective as an analyst, the outcome fell short of what many in the crypto community had anticipated. Instead of delving into regulatory matters or addressing concerns specific to our industry, the conversation veered off in a different direction entirely.
As a crypto investor, I was disappointed that during the 90-minute debate, the topics of abortion and immigration were extensively discussed, yet digital assets were overlooked. It would have been insightful to hear the perspectives of the debaters on this rapidly evolving sector.
It was unexpected that this detail was left out, considering the significant buzz surrounding cryptocurrency during the elections among politicians and contenders.
Biden garners criticism over social media
As a crypto investor, I’ve noticed an interesting turn of events in the political landscape. Although there was no direct discussion about cryptocurrencies during the recent debate, Trump’s previous pro-crypto stance appears to be benefiting him. This positive association could potentially influence the perception and trust of the community towards his candidacy.
Anthony Scaramucci, the founder of SkyBridge, initially held favorable opinions towards Joe Biden. However, after the debate, there appeared to be a shift in his stance as he expressed a different view.
I took a hit during that debate. President Biden didn’t perform well, and it might negatively impact his chances in the upcoming election. We need to reassess our investment strategy promptly.
Based on the findings from a recent survey, I discovered that a significant majority, specifically 67%, of CNN’s audience perceived Trump as the victor in the debate. In contrast, only 33% of respondents expressed their support for Biden.
Adding to the critique was Andrew Yang, co-chair of Forward Party, who noted,
“Guys, the Dems should nominate someone else – before it’s too late. #swapJoeout.”
In response to the backlash on social media platforms, Joe Biden personally posted a message through his @X account.
“Donald Trump is a liar. We’re going to beat him again.”
Impact on Bitcoin and the broader market
Despite the absence of cryptocurrency discussion during the debate, AMBCrypto examined if any effects emerged on the crypto market. Initiating with Bitcoin [BTC], the primary cryptocurrency, which commenced a path to recovery post-debate.
As an analyst, I would rephrase it this way: Before the debate commenced, Bitcoin was priced at $61,439 for me. Following the debate’s start, BTC experienced a notable surge, reaching a high of $62,152. Moreover, on the 28th of June, Bitcoin displayed a 0.89% growth in the past 24 hours, with altcoins mirroring this bullish trend.
On June 26, IntoTheBlock’s data showed an equal number of bullish and bearish investors. But on June 27, the day of the debate, there was a noticeable increase in the number of bullish investors over bears, implying a favorable change in market sentiment.
It’s worth mentioning that memcoin projects inspired by Biden, such as Joe Boden (BODEN), experienced a substantial setback following the debate. According to CoinGecko, these digital currencies suffered a steep drop of over 35% in value within the past 24 hours.
Just like Trump-inspired cryptocurrency TREMP (Doland Tremp), as depicted on CoinGecko, experienced a decrease, albeit milder, amounting to 3.7%.
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2024-06-28 15:03