Bitcoin price quickly surged from $54,800 to above $57,000, reaching a daily peak of $58,088. Currently, BTC is trading at $57,350 with an increase in volume.
Trump-Harris Debate and BTC
Bitcoin price saw its local bottom at $52,500 on Friday after a long time. Trump and Harris will share their arguments later today. After a program where Biden and Trump faced off, Biden had to leave his candidacy to his running mate Kamala Harris due to his extremely weak performance. Approaching CPI data before the Fed meeting on September 18 also supports investor appetite. Following the consistent losses in the S&P 500, the potential for recovery with the FOMC is triggering a buy-the-news event in crypto.
Trump Coins
PolitFi will be one of the more prominent areas as the November elections approach. With increasing interest in election prediction markets, the risk appetite in altcoins needs to recover for fan tokens launched for candidates to see greater interest. However, if Trump performs well in this debate, Trump Coins could positively diverge in the short term, independent of the general market sentiment. The most popular Trump Coin, MAGA (TRUMP), has a market cap of $142 million and is trading at $3.25. We might see a dip support at $2.7 and a potential spike to $4.2 in case of a rise.
Latest Polls
In the latest election polls, Harris leads the race with 49% while Trump is at 47%. Trump increased his vote by 3 points after his debate with Biden, but lost strength with the change of his opponent. Of course, the waning excitement of the armed attack also played a role in this.
Thus, Bitcoin price continues to fluctuate around the $57,000 level amid political events. Changes in the stock market and upcoming elections may influence the value of cryptocurrencies in the coming weeks.
Comments