Crypto Movements after the Pre-Election Debates

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The cryptocurrency market is volatile, and it can be heavily affected by political as well as socioeconomic factors. The race for President, and swings towards the Republicans and Democrats, has seen Bitcoin prices rise and fall already. Most recently, the televised debate between Vice President Kamala Harris and Presidential hopeful Donald Trump saw Bitcoin prices drop more than 1% as viewers believed Harris, who is seen as being unfriendly to crypto, took the edge in the debate.

Prices move quickly in the cryptocurrency market but they have been ranging between around $70,000 and $55,000 since April this year. This volatility does present opportunities for profits, but with Bitcoin prices being close to their all-time highs, the massive profits BTC holders once experienced are more difficult to find.

New coins do present such an opportunity, though, meaning it can be profitable to watch 2024 Kucoin coin listings, and new listings on other crypto exchanges. According to crypto pundit Sal Miah, a listing on some major exchanges may lead to price increases of 90% or more. Whoever buys coins at this early stage can expect something - either a flop or going over the top. But those steps must be careful, especially on the eve of such an important event.

November’s election is seen as being important to the immediate future of Bitcoin and the wider cryptocurrency market. Vice President Kamala Harris hasn’t had much to say on the cryptocurrency market, but it is widely believed that she will follow President Joe Biden’s unfriendly stance.

In contrast, former President Donald Trump has undertaken a massive U-turn on cryptocurrency, after receiving tens of millions of dollars of backing from cryptocurrency innovators and supporters. The man who once described Bitcoin as a disaster waiting to happen has more recently described crypto as being “very interesting” and floated the idea of using Bitcoin to pay off America’s debts. The Trump family has even launched its own cryptocurrency project.

Following the televised debate between Harris and Trump, the cryptocurrency market reacted to what was perceived as a Harris victory. Bitcoin prices dropped 1.2% to around $56,000 – not a significant drop in cryptocurrency terms, but it did coincide with the end of the debate.

More recently, when Minnesota’s own Governor Tim Walz took on Sen. JD Vance of Ohio, the market saw a drop of $2,000 following the debate. However, it is worth noting that Bitcoin prices had dropped the day before the debate. Vice-presidential debates are not seen as being as significant as the main event, but they can potentially sway some voters. Polls following the debate suggested there had been little impact on the minds of voters. Bitcoin’s drop was likely a continuation of price movements at the time, rather than a result of the VP debate.

Many in the cryptocurrency market are hopeful of a Trump victory. He has vowed to make America the crypto capital of the planet and has the backing of tech giant Elon Musk. The two have previously sparred on numerous topics but the two have become political partners in recent months with Musk even appearing at the Republican candidate’s most recent rally where he donned one of Trump’s Make America Great Again hats.

Whatever happens, crypto investors should play their game without any sudden moves until we learn the name of the 47th president of the USA.