No crypto talk from Biden or Trump, but Bitcoin still spikes – What’s going on?

• The presidential debate ignored crypto, but altcoins showed bullish trends.
• BODEN fell by 35%, while TREMP declined by 7.35% post-debate. 

The highly anticipated first presidential debate of 2024 between President Joe Biden and former President Donald Trump is now done and dusted.

However, it did not go as expected especially for the crypto community, who was left disappointed. Despite high hopes for a discussion on regulatory issues or other concerns related to the crypto industry, the topic was completely overlooked. 

The 90-minute debate covered various topics such as abortion, immigration, etc. but digital assets were left untouched.

This omission was surprising, given that cryptocurrency has been the talk of the town for candidates and lawmakers throughout this election cycle.  

Biden garners criticism over social media

Despite the absence of any mention of cryptocurrencies in the debate, Trump’s earlier pro-crypto seems to be working in his favor. 

In fact, Anthony Scaramucci, founder of SkyBridge, who had previously expressed positive views on Biden, seemed to have changed his position following the debate. He said, 

“That was brutal. President Biden lost the debate. It could cost him the election.  They have to switch up their strategy immediately.” 

Moreover, according to a poll, 67% of CNN viewers believed Trump to have won the debate, compared to 33% who voted for Biden. 

Adding to the critique was Andrew Yang, co-chair of Forward Party, who noted, 

“Guys, the Dems should nominate someone else – before it’s too late. #swapJoeout.” 

Amid the criticism throughout social media, Joe Biden himself came up via his X (formerly Twitter) handle and said, 

“Donald Trump is a liar. We’re going to beat him again.”

Impact on Bitcoin and the broader market

Due to the lack of mention of cryptocurrency in the debate, AMBCrytpo checked to see if there was any impact on the crypto market. Starting with Bitcoin [BTC], the leading cryptocurrency which entered a recovery trajectory after the debate.

BTC was trading at $61,439 before the debate started and then it quickly hiked as high as $62,152. Furthermore, as of 28th June, Bitcoin saw a 0.89% increase in the past 24 hours with altcoins following suit in a bullish trend.

This was further confirmed by data from IntoTheBlock, wherein on 26th June, bulls and bears were evenly matched. However, on 27th June, the day of the debate, bulls significantly outnumbered bears, indicating a positive shift in market sentiment. 

Source: IntoTheBlock

Needless to say, Biden-inspired memecoins like Joe Boden [BODEN] suffered significantly after the debate, experiencing a massive decline of over 35% in the past 24 hours, according to CoinGecko.

Similarly, Trump-inspired memecoin Doland Tremp [TREMP] also saw a decline, though less severe, dropping by 3.7% in the same period as per CoinGecko.