Bitcoin unlikely to be affected by US presidential debates, analysts predict

Source: Crypto Briefing

Bitfinex analysts assessed that the Bitcoin (BTC) price is unlikely to be significantly affected by the outcome of the US presidential debate between Joe Biden and Donald Trump on June 27th. Yet, the broader crypto market and the tokens related to presidential candidates, labeled by the analysts as PolitiFi tokens, could witness some short-term changes.

“Both Biden and Trump have well-documented stances on cryptocurrencies and financial regulations. The market has already factored in their positions, so any reiteration of these views during the debate is unlikely to introduce new volatility,” explained Bitfinex analysts.

Notably, Bitfinex analysts stated that it’s important to note how Trump has positioned himself as the “Crypto President.” Consequently, this could have a direct impact on the coins associated with both presidential candidates.

“There could be significant movement for ‘Politifi’ tokens during and after the debate depending on their performance as these tokens have turned into speculative assets themselves in terms of the election results.”

Additionally, although crypto regulatory frameworks could be mentioned during the debates, the specifics of such regulations usually emerge from detailed policy announcements and legislative processes. Therefore, no substantial talks over crypto regulation in the US might also come out of the debate.

Nevertheless, even if potential future regulatory perspectives are discussed during the debate, they typically don’t provide immediate actionable information that moves markets significantly.

“What could be interesting and have market impact is discussion around capital gains taxes in general and crypto taxation policies in particular,” concluded the analysts.

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Author: Gino Matos