Bitcoin spikes as betting markets favor Trump during debate with Biden

The price of Bitcoin jumped as much as 1.1% as presidential hopeful Donald Trump widened the gap between him and current President Joe Biden on betting markets during the first presidential debate on CNN on the evening of June 27. 

Bitcoin was trading at $61,439 before the debate commenced and quickly jumped as high as $62,152 as Donald Trump and Joe Biden answered rapid-fire questions from CNN moderators. It has since fallen back to $61,362 at the time of publication, per TradingView data. 

Bitcoin jumped 1.1% as Trump extended his lead over Biden following the presidential debate. Source: TradingView

Data from prediction markets platform PredictIt showed Trump’s odds of winning the presidency surging while Biden’s chances plummeted, as watchers noticed Biden stumbled through some answers and failed to finish some sentences throughout the debate. 

Share prices reflecting Trump’s odds on the platform spiked from around $0.53 to $0.63 within an hour, while Biden’s fell sharply from $0.48 to $0.37 in the same timeframe — widening the gap between them to a 26-point difference. 

Speculators have downgraded Biden’s chance of winning the election in the wake of the presidential debate. Source: PredictIt

This is a developing story, and further information will be added as it becomes available.

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