Trump and Harris are set to go head-to-head on September 10 on live television. The debate will change crypto prices if either candidate does well, an analyst said. Industry pundits don't see relations with Harris as crypto-friendly despite promises to reset.
A second presidential debate is coming – and it's going to be a big deal for crypto.
According to Jake Ostrovskis, OTC trader at crypto market maker Wintermute, writing on August 30 that the event is more important for crypto prices than economic factors such as US jobs reports.
“Given the diversity of stances among the candidates — particularly regarding crypto — a strong performance by either side could lead to price rebounds,” Ostrovskis said in an email.
Vice President Kamala Harris will be running against former President Donald Trump for the first time in the September 10 event.
Trump and Harris
Historically crypto-agnostic, Trump began making announcements to the crypto industry in May.
Since then, he has promised an apology Ross Ulbricht, founder of Silk Road, met with Bitcoin mining executives and appeared at Bitcoin Nashville, the biggest crypto event of the year.
Trump's friendliness toward the sector contrasts with the hostility of the Biden administration. For example, the White House recently vetoed a motion to repeal SAB 121, a controversial crypto accounting rule, despite bipartisan support for repeal.
Although the Harris campaign promised to “reset” relations with the industry, there is little evidence of a pivot so far.
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Last week, OpenC announced that Wells had received a notice from the Securities and Exchange Commission — an indication that the SEC may sue the NFT marketplace.
For the crypto community, the notice represents another indication that the Harris administration could serve as a continuation of the Biden administration.
“OpenCy reported Wells' notice on the same day Trump announced the new digital trading cards, which were listed on OpenCy,” said Gabe Parker, analyst at crypto investment firm Galaxy Digital. wrote that In the August 31 report.
“If nothing else, the merger highlights the apparent divide between political parties over NFTs,” Parker said. “Trump is selling NFTs, while Biden's SEC chair is suing artists, issuers and exchanges for offering them.”
A strong showing from Trump in the September 10 debate is seen as a bullish event by crypto investors. Harris' success is difficult to understand.
Does discussion matter?
While presidential debates don't always move the needle in terms of election results, June's face-off between Trump vs. President Joe Biden — Biden dropped out of the race amid concerns he was too old for the job.
Some derivatives traders are betting that crypto prices will spike after the Trump-Harris talks, but remain anonymous about the direction of these swings. That strategy will likely be rewarded, Ostrovskis said.
To be sure, says Quinn Thompson, founder of crypto hedge fund Lecker Capital. News Bitcoin is unlikely to react to any electoral developments as the race is essentially a toss-up.
“Bitcoin is more clearly a Trump trade when it has this 60-40 lead against Trump [President] Biden in the election,” Thompson said.
“It's going to be good for Bitcoin because he's going to win,” Thompson added.
Crypto market movers
Bitcoin is trading at $58,951, up 2.1% in the last 24 hours. Ethereum is trading up 2.8% at $2,516.
What are we studying?
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Tom Carreras writes about markets for DL News. Got a tip on Trump, Harris and crypto? arrive at [email protected].
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