- The presidential debate ignored crypto, but altcoins showed positive movements.
- Both BODEN and TREMP experienced notable declines, with BODEN dropping significantly by 35% and TREMP by 7.35% following the debate.
- Despite high expectations from the crypto community, the first 2024 presidential debate between President Joe Biden and former President Donald Trump left digital assets out of the conversation.
Explore how the presidential debate impacted the crypto market, despite the absence of direct mentions, and the resulting movements in altcoins.
Lack of Crypto Discussion in Presidential Debate
The much-anticipated first presidential debate of 2024, featuring President Joe Biden and former President Donald Trump, turned out to be a letdown for the cryptocurrency community. Many hoped for a deep dive into regulatory perspectives or other issues affecting digital assets, yet the debate entirely sidestepped the crypto topic.
Surprising Omission Amid Strong Interest
This exclusion came as a shock, considering the intense focus on cryptocurrency by politicians and candidates throughout this election cycle. Instead, the 90-minute debate concentrated on subjects like abortion and immigration, leaving digital assets unmentioned.
Biden Faces Backlash on Social Media
Despite the absence of crypto discussions during the debate, former President Trump’s earlier pro-crypto stance appears to have garnered him support. Prominent voices like Anthony Scaramucci, founder of SkyBridge, who previously supported Biden, shifted their views following the debate. Scaramucci remarked,
“That was brutal. President Biden lost the debate. It could cost him the election. They have to switch up their strategy immediately.”
Furthermore, a poll indicated that 67% of CNN viewers believed Trump had won the debate, compared to 33% for Biden. Andrew Yang, co-chair of the Forward Party, also added to the criticism, stating,
“Guys, the Dems should nominate someone else – before it’s too late. #swapJoeout.”
Amidst this backlash, President Biden took to his X (formerly Twitter) account, asserting,
“Donald Trump is a liar. We’re going to beat him again.”
Debate’s Ripple Effect on Bitcoin and the Crypto Market
Despite the lack of direct mentions, the debate had an impact on the crypto market. According to COINOTAG, Bitcoin [BTC] entered a recovery trajectory shortly after the debate. BTC was trading at $61,439 before the debate and surged to $62,152 soon afterward. As of June 28, Bitcoin experienced a 0.89% rise over the past 24 hours, with altcoins displaying a bullish trend.
Data from IntoTheBlock validated this trend; on June 26, bulls and bears were evenly matched. However, by June 27, the day of the debate, bulls significantly outnumbered bears, signaling a positive market sentiment shift.
Conversely, Biden-inspired memecoins like Joe Boden [BODEN] plummeted, losing over 35% in value within 24 hours post-debate, as per CoinGecko. Trump-inspired memecoin Doland Tremp [TREMP] also faced a downturn, with a 3.7% drop in the same timeframe according to CoinGecko.
Conclusion
The debate’s omission of cryptocurrency topics left many in the crypto community disappointed. However, the market responded interestingly, with Bitcoin and several altcoins showing positive trends despite the lack of direct discussion. The contrasting performances of meme coins inspired by Biden and Trump underscore the profound influence of political sentiment on the crypto market. As the presidential race progresses, the crypto community will be watching closely for any future mentions or policy hints that could impact their interests.
