Bitcoin Soars as Trump Gains Edge Over Biden in Debate

During a 90-minute presidential debate featuring Donald Trump and Joe Biden, Bitcoin rose 1.1% as Trump increased his betting market lead

Bitcoin was trading at $61,439 before the commencement of the debate, and it rapidly increased to $62,152 as Donald Trump and Joe Biden responded to rapid-fire questions from CNN moderators. According to TradingView data, it has since receded to $61,362 at the time of publication.

According to data from the prediction markets platform PredictIt, the odds of Trump gaining the presidency increased. Simultaneously, Biden’s prospects declined as observers observed that he struggled to articulate specific responses and failed to complete certain sentences during the debate.

The gap between Trump and Biden increased to 26 points as the share values reflecting his odds on the platform surged from approximately $0.53 to $0.63 within an hour, while Biden’s prices plummeted from $0.48 to $0.37 during the same period.

Many social media pundits, including former President Trump, promptly criticized Biden’s coherence and overall performance during the debate, pointing out that he faltered after his responses.

In response to one of Biden’s statements regarding immigration, Trump stated, “I don’t know what he said at the end of that sentence, and I don’t think he knows what he said either.”

Throughout the debate, CNN fact checkers reported that Biden and Trump had made false and misleading claims. Trump, in particular, made several misleading statements about abortion and other economic issues when Biden was President.

In recent weeks, cryptocurrency has emerged as a contentious election issue despite not being addressed in the debate. Trump declared on June 16 that he would terminate Biden’s “war on crypto” if he were elected President in November.

In March, Trump expressed his intention to establish the United States as a global leader in crypto technology on the conservative social media platform Truth Social. He also criticized Biden, stating that the current President would witness crypto “die a slow and painful death.”

The resolution that would have repealed an SEC accounting guideline that prohibited banks from retaining crypto assets on their balance sheets was vetoed by President Biden on June 1. It is important to note that a majority vote in both the House and the Senate approved the resolution.

Biden said he would not support legislation that would “endanger the security of investors and consumers.”