After the first presidential debate last night between US President Donald Trump and former Vice President Joe Biden, cryptocurrency traders are betting that Trump is much less likely to win the election now than it was before the debate. Meanwhile, some cryptocurrency industry players have seized the opportunity to promote Bitcoin again.
As of Wednesday morning (08:13 UTC), the Trump 2020 permanent contract that is traded on the FTX digital derivatives exchange is down more than 7% during the discussion hour, from $ 0.436 before the debate to $ 0.405 at the time of writing.
Likewise, the "Trump Yes" and "No Trump" tokens from the Augur decentralized prediction market protocol also show that people believe that Trump's chances of winning the election have decreased, with the NO Trump token now trading at $ 0.55 and yes Trump at $ 0.47. American.
However, market participants' expectations about the election seemed less favorable to Biden before the debate, as the price of YES Trump token at one point reached close to $ 0.50, before correcting lower, according to data from Coingecko.
The price of YES Trump tokens will go to $ 1 if Trump wins the election on November 3 and expires if he loses, while the NO Trump tokens will move in the opposite direction.
Although the presidential prediction markets in the cryptocurrency world have given Biden the lead for now, many observers also agreed that the debate represented another low point in US politics. Once again, Bitcoin was presented as a solution.
Dan Heald, growth leader at the major cryptocurrency exchange Kraken, wrote while Julian Hossip of Cake DeFi asked his followers, “So, tell me, how much do you believe in the US dollar after watching 90 minutes of this craze for two ?,” while adding “Hey, Bitcoin fixes this! "
Meanwhile, the controversy also led to some volatility in the traditional financial markets, with US equity futures falling on the back of the possibility that observers such as Northman Trader founder Sven Heinrich "may not be an acceptable election result".
Also commenting on the debate from the standpoint of conventional finance is the famous gold and bitcoin critic Peter Schiff, who wrote on Twitter last night that the problem is, in his view, structural:
When both candidates agree that the government should spend more, borrow more, print more, and neither understand the nature of the structural problems that will precipitate the next crisis, there is nothing fundamental to the discussion. The result is the scene we have seen.
At the time of writing (08:13 UTC), Bitcoin has remained unchanged over the past 24 hours, and has traded at $ 10,716. Meanwhile, the S&P 500 futures contract fell 0.7% on the day, while gold prices fell 0.5% to $ 1,888.
Very interesting article 🙂