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Bitcoin spikes as betting markets favor Trump during debate with Biden

The price of Bitcoin jumped as much as 1.1% after the presidential debate kicked off on Thursday evening, with Donald Trump extending his lead over Joe Biden in prediction markets.

The price of Bitcoin jumped as much as 1.1% during a 90-minute presidential debate between Donald Trump and Joe Biden, which saw Trump widen the gap between him and Biden on betting markets.

Bitcoin (BTC) was trading at $61,439 before the debate commenced and quickly jumped as high as $62,152 as Donald Trump and Joe Biden answered rapid-fire questions from CNN moderators. It has since fallen back to $61,362 at the time of publication, per TradingView data

Data from prediction markets platform PredictIt showed Trump’s odds of winning the presidency surging. At the same time, Biden’s chances plummeted, as watchers noticed Biden stumbled through some answers and failed to finish some sentences throughout the debate. 

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‘Is this a Bitcoin ad?’ Joe Biden unknowingly touts BTC in coffee mug video

Crypto enthusiasts have lauded Joe Biden’s latest social media post for its so-called accidental endorsement of Bitcoin.

United States President Joe Biden may have inadvertently become Bitcoin’s latest brand ambassador in a new "cringe" video advertising merchandise for his reelection campaign.

On Aug. 3, President Biden tweeted: “A cup of Joe never tasted better” along with a video of himself drinking coffee from a mug.

The Bitcoin and crypto community were quick to notice the design of the coffee mug, which features his face with glowing red “laser eyes” — a popular addition for Bitcoin enthusiasts when designing their profile pictures.

While the origins of the meme are hazy, the laser eyes phenomenon kicked off as part of a movement across social media to drive Bitcoin’s price to $100,000 by the end of 2021 — a goal that didn’t come to fruition. The most notable laser eyed personalities once included NFL star Tom Brady, Paris Hilton and Elon Musk.

It's typically used as a symbol for showcasing their bullish outlook for Bitcoin and cryptocurrencies more broadly.

Biden’s post has been littered with responses from the crypto community, both delighted and amused by the obvious oversight.

“Joe Biden is a Bitcoin maxi now. Laser eyes and everything. Haters in disbelief,” declared one user.

Other users piled on, saying that Biden had just provided the “biggest endorsement of Bitcoin history” while another suggested that Biden was trying to “win over Bitcoin maxis.”

Related: Republican candidate wants to end President Biden’s supposed ‘war on Bitcoin’ if elected

The Biden administration has been criticized by the community for its not-so-welcoming stance towards crypto which includes controversial tax proposals for digital asset miners and other “anti-crypto” political efforts. It is thus unlikely the coffee mug design was in reference to Bitcoin.

The coffee mug's name is in reference to “Dark Brandon” — Biden’s meme-based online alter-ego. The Dark Brandon meme depicts Biden as darker and edgier — often used by his supporters to tout his policy victories.

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Coin Metrics’ Analysis: Options Market Reflects Strong Bullish Sentiment in Post-Election Bitcoin Rally