Bitcoin Price Falls Amid Uncertainty Over 2024 Presidential Election
Bitcoin’s price fell on Wednesday, mirroring a broader decline in risk-driven assets following a heated presidential debate that hinted at a closely contested 2024 presidential election.
The cryptocurrency dropped 1.2% to $56,258.6 after the debate, aligning with a decrease in U.S. stock index futures.
Harris-Trump Debate Signals Tight 2024 Race and Crypto Regulation Concerns
The debate between Democratic nominee Kamala Harris and Republican nominee Donald Trump highlighted the potential for a close 2024 presidential race, causing uncertainty in the crypto markets.
While Trump openly supports the industry, promising a favorable regulatory environment, Harris has not addressed crypto regulation, leading to assumptions that she may continue the Biden administration’s crackdown on the sector.
Despite this, neither candidate mentioned cryptocurrency during the debate, and Trump did not discuss the industry in his economic policy plans.
Pre-debate polls showed Harris slightly ahead of Trump, boosted by her official nomination as the Democratic candidate in late August.
Bitcoin Sees Weekly Losses and Remains Rangebound
The world’s largest cryptocurrency experienced significant losses over the past week, reflecting a broader risk-off sentiment in financial markets.
Although Bitcoin recovered from a low of $52,000, it continued to trade within a range observed for most of the year, amidst declining retail interest and fading enthusiasm for spot exchange-traded funds.
Crypto Market Update: Altcoins Dip as CPI Data Awaited
Other cryptocurrencies also retreated, with Ethereum falling 0.8% to $2,330.17.
Ripple, Litecoin, and Dogecoin traded flat to lower, while Shiba Inu lost 3.8%.
Traders were cautious ahead of a key U.S. inflation reading scheduled for later in the day, which will influence the central bank’s interest rate outlook.