Crypto community "waits" for Trump - Harris presidential debate to wait for trends

GhSo...taPv

10 Sept 2024

The volatility of the cryptocurrency market is likely to fluctuate strongly this week as attention is "focused" on the upcoming Trump - Harris debate on September 11.

QCP Capital's report emphasizes that the important event that is likely to cause major fluctuations for the market in the week of September 8 - September 15 is currently "focused" on the second debate between the presidential candidates.

Accordingly, at 08:00 AM on September 11, 2024 (Vietnam time), former US President Donald Trump and incumbent Vice President Kamala Harris will have the second presidential debate, held at the National Constitution Center in Philadelphia (USA) by ABC News.

This is considered a very important event, not only because it is the first time that Donald Trump and Kamala Harris will face each other directly for the "hot seat" at the White House after Biden announced his withdrawal from the 2024 presidential race, but also a signal that can "decide the fate of the cryptocurrency market" as AllianceBernstein commented.

If Republican candidate Donald Trump wins the election, analysts predict that Bitcoin will hit a new high and could reach the mark of 80,000 - 90,000 USD by the end of the fourth quarter of this year.

However, Bitcoin can also "break through" the current support price zone around 50,000 USD and return to trading between 30,000 - 40,000 USD in case Vice President Kamala Harris wins.

On the Polymarket betting market, the debate is also expected to attract more than 75 million viewers with the potential “challenging” the viewership of the first Clinton-Trump debate (which still holds the record for the highest-rated debate with 84 million viewers). This was followed by the Carter-Reagan debate with 80.6 million viewers.

Although the debate is still more than 24 hours away, many crypto investors have already turned to Polymarket to “bet” on what is about to happen, including the “keywords” that the two candidates will mention.

As for Kamala Harris, the list of expected words to appear includes abortion rights, immigration at the US-Mexico border, US crime rate, 2025 plan, the Israel-Palestine conflict, AI, inflation, ... only 10% mentioned "Crypto/Bitcoin, ... The total amount of bets on the current US Vice President is more than 877,000 USD.

Similarly, Mr. Trump with only more than 812,000 USD is also betting to focus on topics almost similar to Kamala Harris, but there are many expectations to utter the keywords "fake news", "Elon Musk", or "MAGA" - the memecoin with the theme of the former President that dominated the airwaves in March 2024.

However, when asked about the likely winner of the second debate, up to 72% of crypto investors on Polymarket predicted that Kamala Harris would win. win. The total predicted market value is currently around $152,000. But many people consider this victory "not really important" and will strongly affect the results of the upcoming US Presidential election in November.

Thanks to the heat of the election, the monthly trading volume on Polymarket has exceeded $470 million, continuously reaching peaks, and has even been called "the only rising chart of the entire crypto industry" in recent times.

The Polymarket prediction market has even attracted the attention of traditional investors when following the situation of the "hot seat" race for the White House on CNN news.