Although the first 2024 US Presidential debate between rivals Joe Biden and Donald Trump took place without mentioning the topic of cryptocurrency, the odds of Mr. Trump winning have skyrocketed on Polymarket.

As reported yesterday, June 27, the community inside and outside crypto are focusing their attention on the first US Presidential debate between Biden and Trump.

This is considered a very important event, because it is the first time the two leading candidates for the hot seat at the White House next November directly face each other and give their opinions on how to steer America. in the next 4 years, as well as a "rematch" after the debate between the two during the race for the White House in 2020.

Particularly for the cryptocurrency industry, the debate is also an opportunity to see whether the two candidates are really serious about the statements about crypto that have been made in recent times.

But unfortunately, contrary to everyone's expectations, the debate took place focusing only on the outstanding topics of the economy, abortion, immigration and foreign policy. During the 90-minute session they barely mentioned technology policy, let alone the digital asset industry.

Mr. Biden is considered by observers to be quite irritable and "soft-spoken", supposedly because the current President's health is not too good. Meanwhile, Mr. Trump speaks louder and clearer, as well as has more "tough" assertions.

Even though there was no mention of crypto, the debate also had a good result, directly pushing the betting odds for Mr. Trump up sharply.

On the industry's most prominent betting prediction platform, Polymarket, Mr. Trump's odds of winning increased from 60% before the debate to 64%. Meanwhile, Biden's rate decreased from 34% to only 23%.

Odds of predicting the next US President, Polymarket screenshot on the morning of June 27, 2024

Odds of predicting the next US President, Polymarket screenshot on the morning of June 28, 2024

The total value of this betting contract has reached 190 million USD, with 23 million USD betting on Trump and 21.6 million USD betting on Biden.

In addition, the rate predicting that Mr. Biden will drop out of the presidential race has increased to 28%.

Polymarket even said the platform had to stop working for a short time when the debate started because of too much traffic. Access has now been restored to normal.

Another surprising phenomenon is that PolitiFi memecoins started to decline again, even with Donald Trump-themed coins.

According to CoinGecko, MAGA (TRUMP), Doland Tremp (TREMP) or Jeo Boden (BODEN) decreased by 14%, 13% and 32% respectively in the 24-hour frame.