Key facts:
According to Polymarket, Trump is the favorite candidate.
Bitcoin price remains in a “tense calm” around $55,000.
One of the key factors that will shape the path for the price of bitcoin (BTC) and the rest of the cryptocurrency market in the coming days is centered on the presidential debate between Kamala Harris (Democratic candidate) and Donald Trump (Republican candidate), which will take place in Philadelphia tomorrow, September 10.
This 90-minute event, which was held without an audience in the venue, has generated great expectations around bitcoin and other cryptocurrencies.
Prior to the debate, BTC remains around $55,000registering a 10% drop in the last week, as shown in the following graph. TradingView.
The influence of the US presidential race on the price of bitcoin is evident, as This digital asset has become a recurring theme in the campaigns of both candidates..
Trump, who seeks to return to the White Househas expressed his support for bitcoinAt the Bitcoin 2024 conference last July, he declared: “Bitcoin means freedom. This means no government interference. No more anti-cryptocurrency policies like Biden’s.”
These words have strengthened his support among cryptocurrency enthusiasts, positioning him as a key advocate of these assets.
On the other hand, Harris has not made her stance on digital assets clear. However, there have been efforts within her campaign to engage the digital asset community, such as events “Crypto for Harris“, as reported by CriptoNoticias.
With this type of initiatives, the Democratic Party seeks to distance itself from the anti-bitcoin policies that characterized the Biden administration.
According to the express Brian Nelson, Harris campaign policy adviser, She will support measures that promote the growth of digital assets.
In a show of support for Harris, more than 80 high-profile executives, including Chris Larsen, president of Ripple, the company that issues the XRP cryptocurrency, and bitcoin and other cryptocurrency investor Mark Cuban, They signed a letter last Friday, backing his candidacy, reinforcing his appeal within the cryptocurrency business ecosystem.
What do the polls say?
The electoral outlook remains uncertain. According to data from Polymarket, a prediction platform based on betting, Trump is the favorite with a 52% chance of winningwhile Harris has 46%.
For its part, a survey by the New York Times and Siena College sample an even tighter race, with Trump leading by just one percentage point (48% to 47%), within the margin of error.
The American newspaper also notes that Harris faces a significant challenge in tomorrow’s debate, as “a considerable portion of voters still need to know more about her,” which could be a decisive factor.
Macroeconomic factors also influence bitcoin
In addition to the elections, the US macroeconomic scenario plays a crucial role in Bitcoin volatility.
Last week, unemployment fell from 4.3% to 4.2%, which reduced concerns of an impending recessionHowever, the market remains attentive to the payroll data, which was lower than expected, according to said analyst Lucy Hu.
This week, the publication of the consumer price index (CPI) and producer price index (PPI) data is expected, which will add even more volatility to the price of bitcoin and other assets.
In addition, the Federal Open Market Committee will meet on September 17 and 18, where an annual interest rate cut could be confirmed, although this will depend on factors such as inflation and the labor market, said Colombian analyst Juan Rodriguez.
Tomorrow’s debate will therefore be crucial not only for the candidates, but also for the future of the price of bitcoin, at least in the short term.