Bitcoin’s value has surged following the highly anticipated presidential debate between Donald Trump and Joe Biden. Although the debate did not touch on cryptocurrencies, betting markets are favoring Trump to win the election.
Data from PredictIt shows a sharp increase in the odds of Trump winning the presidency. Within an hour, Trump’s odds on the platform rose from $0.53 to $0.63, while Biden’s fell from $0.48 to $0.37.
Trump has garnered support from the crypto community by expressing his commitment to ensuring that the United States leads in crypto innovation.
During the debate, Trump questioned Biden’s coherence, which led to speculation on social media about his ability to lead for the next four years.
The crypto community has shown their support for Trump, with the Winklevoss brothers, who own the Gemini crypto exchange, donating one million dollars to his campaign. Additionally, Kraken co-founder Jesse Powell recently donated $1 million to Trump.
At the time of writing, Bitcoin is trading at $60,890, experiencing a slight change in the last 24 hours.
Despite trading above a significant psychological level, Bitcoin has faced selling pressure due to large sell-offs by the U.S. government, Germany, and miners. The market has also seen low demand for the coin, as indicated by net outflows in Bitcoin spot ETFs.
Bitcoin spot ETFs have experienced five consecutive days of outflows this week, following a period of amassing $4 billion in 19 days. This suggests a decline in investor interest as the appetite for high-risk investments wanes.
Trump’s presidency is seen as a bullish outlook for Bitcoin. Historically, Bitcoin reaches new all-time highs in the months following its halving. Market experts predict that Bitcoin could reach a new all-time high of $100,000, with some offering a more optimistic price target of $200,000.
The Biden administration has faced criticism for its perceived anti-crypto stance and strict regulations on the industry. In contrast, Trump has promised to create a supportive environment for crypto.
If Trump wins the election, many will be closely watching the ongoing Ripple v. SEC case, which has been ongoing for over three years. A leadership change in the regulatory agency could potentially impact the outcome of this case, reflecting Trump’s commitment to the growth of the industry.