BTC briefly rose to $62,000 – this could be a reflection of how Biden’s obstacles have deterred undecided voters from backing him, making a Trump victory more likely.
After a flurry of feverish speculation that crypto would be discussed during the first US presidential debate, it was not mentioned once.
But if we’re going to be brutally honest, it wouldn’t have generated many column inches anyway – especially considering the night was overshadowed by other events.
Joe Biden’s extremely poor performance on stage with Donald Trump grabbed the spotlight instead.
The 81-year-old confused billionaires with trillionaires, apparently freezing within the first few minutes and suddenly changing the subject while giving answers.
It no doubt raises burning questions about whether the Democrat would be up to it if he were to be re-elected president in November.
Even members of his own party described the debate as an “unmitigated disaster” and a “slow-motion car crash”.
And while senior officials have tried to put a brave face on things — insisting that Biden had nothing more than a cold — there are now growing calls for someone else to run in his place.
For its part, Bitcoin didn’t mind being left out of the proceedings. If anything, the world’s largest cryptocurrency enjoyed a surge in value during the debate, briefly hitting $62,000.
That could be a reflection of how the president’s continued stumbling may have deterred undecided voters from backing him in the fall.
Prediction markets showed a sharp and sudden shift in the wake of the CNN debate.
Zooming in on the issue of crypto specifically, and a Trump victory is widely seen as a good thing for the digital asset sector.
He has repeatedly promised to introduce a slew of pro-Bitcoin policies if granted a second term, and has pocketed millions of dollars in donations as a result.
But some critics have raised questions about whether Trump is simply telling the crypto community what they want to hear.
What’s more, analysts have repeatedly warned that a Republican victory would ultimately fuel inflation and move the economy back into reverse — jitters that could ultimately hurt BTC as well.
Beyond the bizarre bickering about golf handicaps, Biden managed to point out that Trump has his own problems… not the least of which is that he’s now a felon.
Convicted of falsifying business records over payments made to adult film star Stormy Daniels, he is due to be sentenced on July 11 – and it could derail his campaign.
Donations keep pouring in
It’s pretty rare to see a TV debate move the dial as dramatically as this one.
A quick poll by CNN after it finished showed that 67% believed Trump had performed better on the night.
This is a sharp contrast to four years ago, when Biden was crowned the victor.
The changing political momentum is already leading to a round of new donations from crypto heavyweights.
Hours after the debate, Kraken chairman Jesse Powell announced that he had donated $1 million, most of it in Ether, to Trump’s campaign. Accusing the Biden administration of allowing “a campaign of unchecked regulation by enforcement,” he wrote on X:
“I am excited to join other leaders from our community to unite behind the only pro-crypto major party candidate in the 2024 presidential election so that the United States can continue to be a leader in blockchain technology.”
Donald Trump
What’s next?
Trump may be 78 himself, but he’s going to waste little time constantly making the argument that Biden is too old to be president.
On Truth Social, he’s already shared a video showing some of the president’s slips and falls — candidly asking, “Will he make it four years?”
Even Democrats now want to return to the drawing board, but it’s unclear how the party will accomplish that since many state primaries have already been held. One lawmaker told the Financial Times that the president should step aside, adding:
“Many House Democrats, representing a broad cross-section of the Democratic caucus, privately texted each other this evening that Biden should announce that he has decided not to run for re-election. We need a new nominee.”
It’s not an issue that’s going to go away overnight for Biden — especially considering there’s still a debate coming up in September.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
UnCirculars – Cutting through the noise, delivering unbiased crypto news
