Pressure Mounts for PoliFi Token and Bitcoin Ahead of Biden and Trump Debate

News from CoinDesk:
Author: Omkar Godbole, CoinDesk; Translation: Wu Zhu,
Summary
Bitcoin and PoliFi tokens TRUMP, TREMP, and BODEN suffered losses before Thursday’s presidential debate.
Cryptocurrency traders will closely watch the debate as Trump has made digital assets a key issue in his presidential campaign.
The consensus in the cryptocurrency community seems to be that Trump’s victory would benefit the industry.
There were no signs of excitement in the cryptocurrency market before the crucial debate on Thursday.
As of 04:56 UTC, the trading price of the largest token TRUMP in the PoliFi domain was close to $8.5, down 0.5% in the past 24 hours. According to data from Coingecko, the Solana-based TREMP token fell 7.2% to 74 cents, while the BODEN token themed after Joe Biden fell 16% to 13 cents. At the same time, the leading cryptocurrency Bitcoin fell 1% to $61,000.
According to TS Lombard, the first presidential debate of the 2024 election scheduled for 9:00 p.m. EST on Thursday may bring “some surprises to voters, but if it doesn’t result in a close competition, it’s possible that it will be replayed.”
“If the shaky Biden does not perform as well as his opponent, pressure from Democratic Party donors to drop out of the race will increase, especially since Biden has been behind in fundraising for the second consecutive month. If Trump deviates from the track, the Republicans might win.” On the other hand, the responsibility for stabilizing his campaign will shift to Trump’s yet-to-be-announced vice presidential pick,” Lombard said in a report to clients on Tuesday.
Lombard added, “In both cases, the threshold set by the first intense debate between Trump and Biden is low, but the risks are high.”
The cryptocurrency industry has been lobbying to ensure that digital assets are discussed during the televised presidential standoffs, and potential comments from the two candidates could bring market fluctuations.
Cryptocurrency traders will closely watch the debate as Trump has courted industry leaders and recently emphasized the need to mine all remaining bitcoins in the United States, making digital assets a key issue in his presidential campaign. Therefore, the cryptocurrency now views Trump as a factor,
Standard Chartered Bank expects that if Trump may win, Bitcoin could reach a record high of $150,000.
Meanwhile, Biden has remained silent, calling for federal agencies to explore risks and opportunities, including the possible introduction of a central bank digital currency managed by the Federal Reserve.
Neil Roarty, an analyst at investment platform Stocklytics, said in an email:
“Before tonight’s first presidential debate, cryptocurrency traders will closely watch for clues on what the November election means for Bitcoin and the broader industry.”
“The consensus in the cryptocurrency community seems to be that Trump’s victory would benefit the industry. In addition to the verbal support he has given, Bitcoin has performed well during times of political and economic uncertainty, and a second term for Trump as president could see more of both,” Roarty added.