The cryptocurrency market remained downbeat ahead of tonight’s US presidential debate.
Digital assets enthusiasts believe the much-awaited conversation between pro-crypto candidate Trump and President Joe Biden to be vital for the cryptocurrency industry.
However, the asset class didn’t reflect the excitement, with Bitcoin and top PolitiFi coins dipping over the past day.
PolitiFi cryptocurrencies lead market dip
BTC lost 1.38% in the previous 24 hours to hover near $60,710 at press time.
Meanwhile, Political-tied tokens suffered the most, surrendering up to 20% of value in the past day.
Further observations show Biden’s tokens lead the downside, with BODEN losing over 20% while Trump-linked MAGA lost 0.8% on the daily timeframe.
Nevertheless, crypto enthusiasts remain attentive to the anticipated crypto display on television as the political giants face off.
Crypto-centered comments from the presidential candidates could induce volatility in the market.
Meanwhile, Trump has been vocal about crypto during this campaign.
While promising to make the United States a global hub for digital coins, he emphasized that US should mine all the remaining Bitcoin.
Meanwhile, Joe Biden remains somewhat silent after asking the Feds to assess opportunities and risks, including the possibility of launching a Federal-monitored central bank digital currency (CBDC).
Nonetheless, many remained against the Fed-managed CBDC as it “will end America.”
Meanwhile, the community expects Trump’s debate win to trigger uptrends in the crypto industry. One individual commented,
“If former President Trump wins the first debate today, Bitcoin and the crypto industry could soar since he’s seen as the crypto president.”
Indeed, crypto enthusiasts will follow tonight’s presidential debate to see what the upcoming election (November 2024) could mean for the cryptocurrency world.
The crypto community seems confident that Trump winning the election would propel the digital assets sector to record highs.
Moreover, the asset class has displayed favorable performance during economic and political uncertainty, and the buzz surrounding Trump’s second term as president could mean a lucrative environment for digital assets to flourish.
That positions PolitiFi coins and the crypto industry for solid rallies into the 2024-end.
Furthermore, meme tokens have gained significant popularity due to their potential to yield massive returns upon market-wide surges.
With attention shifting from animal-themed meme tokens, Political-tied cryptos could outperform in the next bull rally.
It remains crucial to see how PolitiFi tokens will shape the cryptocurrency sector in the up-and-coming sessions.
The post PolitiFi cryptos slump ahead of much-anticipated US presidential debate appeared first on Invezz