The Bitcoin and cryptocurrency market is awaiting the critical debate between the US Presidential candidates, current President Joe Biden and cryptocurrency-friendly Republican candidate Donald Trump, to be held today.
While BTC and the overall crypto market did not experience much activity ahead of this presidential debate, policy-focused PoliFi tokens TRUMP, TREMP, and BODEN suffered notable losses.
TRUMP, the first major token in the PoliFi sector, fell by 0.5% to $8.33 in the last 24 hours, while its Solana (SOL)-based counterpart memecoin TREMP is trading at $0.72, down 10.4%.
Apart from these, the Joe Biden-themed memecoin named BODEN continues to be traded at $ 0.123, with a 20% decrease.
As the decline in PoliFi tokens continues ahead of the presidential debate, consulting firm TS Lombard wrote in a note to clients on Tuesday, “If Biden underperforms his opponent, pressure from major Democratic donors to abandon his candidacy will increase. Notably, Biden is behind Trump in fundraising for the second month in a row.” “while it's left,” he commented.
While Donald Trump established closer relations with the leading names of the crypto industry, he also placed BTC and cryptocurrencies in a critical position in his presidential campaign. For this reason, Stocklytics investment platform analyst Neil Roarty, who expects investors to follow this discussion closely, told CoinDesk:
“Ahead of tonight's first presidential debate, crypto traders will be watching carefully for clues about what November's election could mean for Bitcoin and the industry more broadly.
The consensus of the crypto community is that Trump's victory will be positive for Bitcoin and the industry.
A second Trump presidency, along with Trump's vocal support, will likely prove to be a big deal for BTC, as BTC tends to perform well during periods of political and economic uncertainty.”
*This is not investment advice.
