Bitcoin jumps as betting markets favor Trump over Biden during debate.
During a 90-minute presidential debate between Donald Trump and Joe Biden, the price of Bitcoin rose by up to 1.1%.
Trump's lead over Biden in betting markets widened during the debate. Bitcoin started trading at $61,439 and peaked at $62,152 as the candidates answered questions from CNN moderators. By the end, it settled back to $61,362 according to TradingView data.
PredictIt data showed a surge in Trump's chances of winning the presidency and a decline in Biden’s odds as viewers noted Biden's struggle with answers and incomplete sentences. Trump's odds rose from $0.53 to $0.63 per share, while Biden's fell from $0.48 to $0.37, widening their gap to a 26-point difference.
Critics on social media, including Trump, criticized Biden's coherence and performance. Both candidates were fact-checked by CNN for false and misleading claims during the debate, including Trump's statements about abortion and economic issues under Biden's presidency.
Despite not being a debate topic, cryptocurrency has become a significant election issue. Trump pledged to end Biden's "war on crypto" if elected, aiming to position the US as a global crypto leader via Truth Social. Biden vetoed a resolution on June 1 that aimed to repeal an SEC accounting guideline preventing banks from holding crypto assets, citing concerns for consumer and investor welfare.
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