Bitcoin Surges as Betting Markets Favor Trump Over Biden During Debate

Bitcoin spiked 1.1% during the presidential debate as betting markets showed increased confidence in Donald Trump over Joe Biden.
Bitcoin Surges as Betting Markets Favor Trump Over Biden During Debate
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Key Takeaways

  • Bitcoin surged 1.1% during the Trump-Biden debate.
  • Trump's betting odds improved significantly during the debate.
  • Biden's betting odds fell sharply as he stumbled in responses.

The price of Bitcoin surged by as much as 1.1% during the first presidential debate between Donald Trump and Joe Biden on the evening of June 27.

As the debate, hosted by CNN, progressed, Trump extended his lead over Biden in betting markets, causing a significant uptick in Bitcoin’s value.

Price jump

Initially, Bitcoin was trading at $61,439.

However, as the debate unfolded and Trump appeared to gain the upper hand, Bitcoin’s price quickly rose to $62,152.

By the end of the debate, the price had settled at $61,362, according to TradingView data.

Betting markets

Betting market data from Polymarket revealed that Trump’s odds of winning surged, while Biden’s chances diminished.

During the debate, Trump’s odds increased from $0.53 to $0.63, while Biden’s fell from $0.48 to $0.37, creating a 26-point lead for Trump.

The reaction in the betting markets was influenced by Biden’s performance, where he struggled with some responses and failed to complete several sentences, leading to a downgrade in his perceived chances of winning the upcoming election.

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