Bitcoin’s price saw a notable increase of 1.1% as former President Donald Trump gained an edge over current President Joe Biden in betting markets during their first presidential debate on the evening of June 27. The debate, broadcast on CNN, prompted a swift reaction in the cryptocurrency market.
Bitcoin Price Movement
Before the debate began, Bitcoin was trading at $61,439. As the debate progressed and Trump appeared to gain favor, Bitcoin’s price surged to a peak of $62,152. However, it later settled back to $61,362, according to TradingView data.
Immediate Market Response
The price of Bitcoin experienced a brief spike of 1.1% as Trump extended his lead over Biden following the debate. This movement is highlighted by the data from TradingView, showing the price jump as the debate unfolded.
Betting Markets Reaction
Data from PredictIt, a prediction markets platform, showed a significant shift in odds favoring Trump. His chances of winning surged, while Biden’s odds declined. Trump’s share prices on PredictIt increased from around $0.53 to $0.63 within an hour, while Biden’s share prices dropped from $0.48 to $0.37, resulting in a 26-point gap between them.
Debate Performance Impact
Observers noted that Biden struggled with some of his responses, occasionally stumbling and failing to complete his sentences. This performance seemingly influenced the betting markets, reflecting a growing confidence in Trump’s candidacy.
