- Although cryptocurrencies were ignored in the presidential debate, altcoins showed a bullish trend.
- BODEN fell 35% after the discussion, and TREMP fell 7.35%.
The much-anticipated first 2024 presidential debate between President Joe Biden and former President Donald Trump is now over and the dust has settled.
However, it did not go as expected, especially for the crypto community, and they were disappointed. Despite great expectations for discussions on regulatory issues and other concerns related to the crypto industry, this topic was completely overlooked.
The 90-minute discussion covered a variety of topics, including abortion and immigration, but not digital assets.
This omission was surprising, given that cryptocurrencies have been a hot topic for candidates and lawmakers throughout this election cycle.
Biden lashes out on social media
Despite the lack of any mention of cryptocurrencies in the debate, President Trump’s previous support for cryptocurrencies appears to be working in his favor.
meIn fact, Skybridge founder Anthony Scaramucci, who had previously expressed a positive opinion about Biden, appears to have changed his position after the debate. he said,
“It was brutal. President Biden lost the debate. It could cost him the election. They need to change their strategy immediately.”
Moreover, a poll found that 67% of CNN viewers believed Trump won the debate, while only 33% voted for Biden.
In response, Forward Party co-chair Andrew Yang criticized:
“Folks, the Democrats need to nominate someone else before it’s too late. #swapJoeout.”
Amid the outpouring of criticism across social media, Joe Biden took to his X (formerly Twitter) handle to say:
“Donald Trump is a liar. We will beat him again.”
Impact on Bitcoin and the Broader Market
Since there was no mention of cryptocurrencies in the debate, AMBCrytpo looked into what impact it had on the cryptocurrency markets, starting with Bitcoin (BTC), a prominent cryptocurrency that has been on a recovery track since the debate.
BTC was trading at $61,439 before the debate began and quickly rose to $62,152. In addition,On June 28, Bitcoin increased by 0.89% in the last 24 hours, with altcoins also showing strength.
This is further confirmed by data from IntoTheBlock, with bulls and bears evenly matched on June 26th. However, on the day of the debate, June 27, the ups far outnumbered the downs, indicating a positive shift in market sentiment.
Source: IntoTheBlock
Needless to say, Biden-inspired memecoins like Joe Borden took a significant hit following the debate, experiencing massive drops of over 35% in the last 24 hours, according to CoinGecko.
Similarly, Trump-inspired memecoin Doland TREMP also saw a less severe decline over the same period, falling 3.7%, according to CoinGecko.