Crypto Quill

As the 2024 US presidential election approaches, the cryptocurrency market experiences significant fluctuations. Here’s a breakdown of the impact:

Cryptocurrency and the Election

Memecoins named after Donald Trump (TRUMP) and Joe Biden (BODEN) are experiencing volatility, reflecting their popularity and potential as prediction markets.

Bitcoin’s Reaction

During the 90-minute presidential debate between Donald Trump and Joe Biden, Bitcoin saw a 1.1% spike in price. As Trump extended his lead over Biden in prediction markets, Bitcoin briefly reached $62,152 before settling back to $61,362 at the time of publication.

Biden’s Performance and Market Response

Biden’s performance during the debate influenced market sentiment. His odds of winning the presidency dropped, leading to a 26-point difference between him and Trump in prediction markets. Social media pundits criticized Biden’s coherency, and fact-checkers highlighted false and misleading claims made by both candidates.

Cryptocurrency as an Election Issue

Although not explicitly discussed during the debate, cryptocurrency has become a hot-button election issue. Trump vowed to end Biden’s “war on crypto,” while Biden’s record on digital assets remains less clear. The regulatory treatment of cryptocurrencies remains a topic of interest for investors and voters alike.