- The presidential debate ignored crypto, but altcoins showed bullish trends.
- BODEN fell 35%, while TREMP fell 7.35% after the debate.
The highly anticipated first presidential debate of 2024 between President Joe Biden and former President Donald Trump is now behind us.
However, things did not go as expected, especially for the crypto community, which was left disappointed. Despite high expectations for a discussion on regulatory issues or other concerns regarding the crypto industry, the topic was completely overlooked.
The 90-minute debate covered various topics such as abortion, immigration, etc., but digital assets remained untouched.
This omission was surprising, as cryptocurrency has been the talk of the town for candidates and lawmakers throughout this election cycle.
Biden is receiving criticism via social media
Despite the lack of any mention of cryptocurrencies in the debate, Trump’s previous pro-crypto appears to be working in his favor.
IIn fact, Anthony ScaramucciThe SkyBridge founder, who had previously spoken positively about Biden, seemed to have changed his position after the debate. He said,
“That was cruel. President Biden lost the debate. It could cost him the election. They must immediately adjust their strategy.”
Moreover, according to a poll67% of CNN viewers believed Trump won the debate, compared to 33% who voted for Biden.
Addition to the criticism was Andrew Yangco-chair of Forward Party, who noted:
“Guys, the Democrats need to nominate someone else – before it’s too late. #swapJoeout.”
Amid the criticism on social media, Joe Biden came forward himself via his X account (formerly Twitter) and said:
“Donald Trump is a liar. We’re going to beat him again.”
Impact on Bitcoin and the broader market
Since cryptocurrency was not mentioned in the debate, AMBCrytpo checked if there was any impact on the crypto market. Starting with Bitcoin [BTC]the leading cryptocurrency that entered a recovery trajectory after the debate.
BTC was trading at $61,439 before the debate started, then quickly rose to $62,152. Furthermore, aOn June 28, Bitcoin saw an increase of 0.89% in the past 24 hours, with altcoins following suit in a bullish trend.
This was further confirmed by data from IntoTheBlock, which showed the bulls and bears being evenly matched on June 26. However, on June 27, 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] has suffered significantly after the debate, experiencing a massive drop of over 35% in the last 24 hours, according to CoinGecko.
Likewise, Trump-inspired memecoin Doland Tremp [TREMP] also saw a decline, albeit less severe, by 3.7% over the same period as according to CoinGecko.