Leak Reveals Cryptocurrencies Bracing for Big Volatility for Biden Ahead of Trump Debate That Could Lead to an Earthquake in Bitcoin, Ethereum, and Ripple Prices

Bitcoin is preparing for an earthquake in Washington next week after former President Donald Trump announced that he will be the “Cryptocurrency President.”

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The price of Bitcoin rose from around $15,000 per BTC in the wake of the collapse of cryptocurrency exchange FTX in late 2022, to return to its peak at $70,000, helping the price of Ethereum more than double and XRP XRP adds nearly 60% as the cryptocurrency market rebounds. Wider.

Now, as tech billionaire Michael Dell sparks wild speculation that his computer company could follow MicroStrategy and Elon Musk's Tesla into Bitcoin, rumors are circulating that President Joe Biden could talk about cryptocurrency policy during his first presidential debate with Trump on Thursday, June 27.

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ForbesLike “Losing the War” – Donald Trump Issues Warning of Dollar Collapse After Huge Bitcoin DonationBy Billy Bambrough

Former US President Donald Trump has embraced Bitcoin and cryptocurrencies in recent months while… [+] President Joe Biden has adopted an anti-crypto stance, which some believe could impact the prices of Bitcoin, Ethereum, Ripple and other major cryptocurrencies.

AFP via Getty Images

“The upcoming US presidential debate between Joe Biden and Donald Trump, with its new format and stricter rules to ensure a more structured debate, is unlikely to have a significant impact on the price of Bitcoin, but could have an impact on the broader cryptocurrency market,” Bitfinex analysts wrote. In the comments via email.

“Both Biden and Trump have well-documented positions on cryptocurrencies and financial regulations. The market has already taken into account their positions, so any reiteration of these views during the debate is unlikely to lead to new volatility. While the debate may touch on regulatory frameworks Which “may impact cryptocurrencies, and the details of these regulations typically emerge from detailed policy announcements and legislative processes rather than soundbite discussion.”

Trump has turned to bitcoin and cryptocurrencies in recent weeks after making millions from a series of non-fungible tokens (NFTs) for cryptocurrency-based digital trading cards, putting him at stark odds with the Biden administration's anti-crypto stance. Trump announced his support for cryptocurrencies in late May and began accepting campaign donations in Bitcoin, Ethereum, Solana, Dogecoin, and Shiba Inu.

Earlier this month, the Biden campaign was reported to be in discussions about accepting bitcoin and cryptocurrency donations through Coinbase, The Block reported, citing anonymous sources.

Last week, a leaked email from California Congressman Ro Khanna's office to Bitcoin Magazine revealed that officials from the Biden administration and the House and Senate, along with Shark Tank billionaire Mark Cuban, are scheduled to meet in early July for “the most important meeting between… “Both countries.” Blockchain policymakers and innovation leaders to date.”

Cuban, an outspoken supporter of President Joe Biden, warned that Trump could win the 2024 election due to Biden's opposition to cryptocurrencies.

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IMF issues dire warning of US dollar collapse as Fed braces for Bitcoin, Ethereum and Ripple due to boom in cryptocurrency prices By Billy Bambrough

The price of Bitcoin has skyrocketed over the past few months, returning to its all-time high… [+] About $70,000 per bitcoin.

Forbes digital assets

Another Trump critic and Biden supporter, Anthony Scaramucci, a managing partner at hedge fund SkyBridge Capital who briefly served as Trump's communications director in 2017, said Biden's opposition to cryptocurrencies would not last into a second term.

“I've talked to a lot of people in the Biden campaign, like people [Coinbase investor and venture capitalist] Ron Conway… [who] “He will take a watered-down approach to cryptocurrencies,” Anthony Scaramucci, a former communications director and former Trump managing partner at hedge fund SkyBridge Capital, told Laura Chen on her Unchained podcast.

“I also believe the anti-crypto bullshit actually being sponsored by Senators Elizabeth Warren and… [Securities and Exchange Commission chair] Gary Gensler is behind us,” Scaramucci said, adding that the cryptocurrency industry “has already won.”

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