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During the June 27 presidential debate, Bitcoin's price surged by 1.1% as Donald Trump extended his lead over Joe Biden in prediction markets, highlighting the cryptocurrency's sensitivity to political events.
Bitcoin Price Surges 1.1% as Trump Gains Edge Over Biden in Debate Betting Markets
According to Cointelegraph, the price of Bitcoin increased by as much as 1.1% during a 90-minute presidential debate between Donald Trump and Joe Biden. During this debate, Trump widened the gap between him and Biden on betting markets.
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.
Prediction markets platform data ForeseeIt demonstrated that Trump's likelihood of gaining the presidency increased while Biden's chances decreased. This was evident in Biden's struggle to complete specific sentences and incomplete responses 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.
Social media pundits swiftly criticized Biden's coherence and overall performance during the debate. Numerous individuals, including former President Trump, felt he faltered after his responses.
"I really don't know what he said at the end of that sentence, I don't think he knows what he said either," said Trump in response to one of Biden's statements concerning immigration.
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.
Crypto Takes Center Stage in Election as Trump Vows to End Biden's Policies and Biden Vetoes Pro-Crypto Resolution
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."
On June 1, President Biden vetoed a resolution that would have repealed an SEC accounting guideline prohibiting banks from including crypto assets on their balance sheets. 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."
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