Bitcoin Surges Amid Debate as Markets Favor Trump Over Biden

On Jun 28, 2024

Bitcoin has witnessed an uptick following the Trump v. Biden debate, which saw odds favor Trump for the presidential seat.
Trump has received support from the crypto community after revealing that he will ensure that the U.S. leads in crypto innovation.

Following the widely watched presidential debate that pitted former president Donald Trump and current president Joe Biden against each other, the crypto market has witnessed an uptick. Though the 90-minute debate did not touch on cryptocurrencies, it has seen the betting markets favor Trump over Biden.

Data from PredictIt reveals that the odds of Trump winning the presidential seat are surging. The share prices reflecting Trump’s odds on the platform spiked from around $0.53 to $0.63 within an hour, while Biden’s fell sharply from $0.48 to $0.37 during the same time.

In recent weeks, Trump has found support among the crypto community after declaring his support for the industry.

During the debate, Biden’s coherence was questioned. “I really don’t know what he said at the end of that sentence; I don’t think he knows what he said either,” said Trump. This led to speculations on social media about his ability to lead the government for the next four years.

This was the kill shot pic.twitter.com/kEYrVCTHNu
— Auron MacIntyre (@AuronMacintyre) June 28, 2024

The crypto community has embraced Trump, and his campaign received one million from each of the Winklevoss brothers who own the Gemini crypto exchange. Kraken co-founder Jesse Powell recently donated $1 million to U.S. presidential candidate Donald Trump.

At the time of writing, BTC is exchanging hands for $60,890 after a marginal change in the last 24 hours.

Despite trading above a key psychological position, the cryptocurrency has come under intense selling pressure. The U.S. government, Germany, and miners have been offloading huge stashes, flooding the market with relatively low volume. Additionally, there has been low demand for the coin, as highlighted by net outflows in Bitcoin spot ETFs.

Earlier this week, Spot Bitcoin Exchange Traded Funds (ETFs) recorded a 5-day consecutive outflow after amassing $4 billion in 19 days. This signifies reduced investor interest as the appetite for high-risk investments declines.

Trump offers a Bitcoin (BTC) Bullish Outlook

Since reaching its all-time high of $74,000 in March, driven by the ETFs and speculation around the fourth Bitcoin halving in April, the world’s largest cryptocurrency has failed to retest the all-time high.

Historically, Bitcoin sets a new all-time high in the months following its halving. According to market experts, Bitcoin is poised to reach a new all-time high of $100,000, with more optimistic predictions offering a $200,000 price tag.

The Biden administration has been accused of being anti-crypto and applying stringent regulations on the industry, hindering its growth. Trump has promised to offer a fostering environment.

If Trump wins, many will be watching the Ripple v. SEC case, which has been ongoing for over three years. If the president is truly committed to growing the industry, this case should conclude and possibly end with a leadership change in the regulatory agency.