During a 90-minute presidential debate between Donald Trump and Joe Biden, Bitcoin’s price surged by as much as 1.1%. Trump’s lead over Biden widened on betting markets during the debate, which was moderated by CNN.
Initially, Bitcoin (
BTC
) was priced at $61,439 but quickly climbed to $62,152 as the debate progressed. As of the time of publication, Bitcoin had receded to $61,362, according to TradingView data.
Bitcoin saw a 1.1% increase as Trump pulled ahead of Biden. Source: TradingView
Data from the prediction market platform PredictIt showed Trump’s odds of winning the presidency increased significantly. Concurrently, Biden’s odds dropped, likely due to Biden stumbling through some responses and failing to complete some sentences during the debate.
Trump’s chances on PredictIt surged from approximately $0.53 to $0.63 within an hour, while Biden’s chances fell from $0.48 to $0.37, creating a 26-point gap between them.
Biden’s election chances have been downgraded following the presidential debate. Source: PredictIt
Social media pundits quickly criticized Biden’s clarity and overall performance, with many, including Trump, noting that Biden often trailed off at the end of his answers.
“I really don’t know what he said at the end of that sentence; I don’t think he knows what he said either,” Trump remarked about one of Biden’s statements on immigration.
However, Trump was reported to have made over 30 false and misleading claims throughout the debate, including incorrect statements on abortion and economic issues under Biden’s presidency.
Cryptocurrency was not mentioned during the debate, but it has become a significant election issue recently. On June 16, Trump stated he would end Biden’s “war on crypto” if he were elected president in November.
In March, Trump declared on his social media platform, Truth Social, that he plans to position the United States as a global leader in crypto technology, criticizing Biden for allegedly allowing crypto to “die a slow and painful death.”
Related:
Biden-Trump debate: Crypto goes completely unmentioned
On June 1, President Biden vetoed a resolution that would have overturned an SEC accounting guideline, which prevents banks from holding crypto assets on their balance sheets. Despite the resolution passing both the House and the Senate with majority votes, Biden refused to sign it, stating it would “jeopardize the well-being of consumers and investors.”
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