5 minsBitcoin has extended its recovery to 57,000, up almost 10% from its low of 52.5k at the end of last week. Meanwhile, US-based spot Bitcoin exchange-traded funds saw net inflows of 28.6 million on September 9th, snapping an 8-day run of outflows.
An improving market mood and some optimism ahead of tonight’s presidential election debate have helped Bitcoin recover some of its steep sell-off in the previous week.
US Presidential election debate
With less than two months to go until Americans head to the polls on Election Day, Republican nominee Donald Trump and Democratic Vice President Kamala Harris will face each other in their first debate.
What time is the US presidential election debate?
The debate will begin at 21:00 EDT on September 10th and take place as the two candidates remain locked in a tight race. The latest polls show that the two candidates are tied, as Kamala Harris loses some early momentum.
What does the Trump vs. Harris debate mean for Bitcoin traders?
Donald Trump has adopted a pro-crypto stance throughout his election campaign. This is a notable change in position from 2021 and a move that has sparked optimism among the crypto industry, which believes that a Trump administration could introduce more favourable policies towards Bitcoin and other crypto assets.
Meanwhile, Kamala Harris’s stance on cryptocurrencies is less clear. She has not made any public statements on the topic, leaving investors curious as to whether she will support stricter regulation or be more open to digital assets.
If the topic arises in tonight’s debate, it could provide a platform for Kamala Harris to share how she intends to handle the cryptocurrency industry.
Kamala Harris hasn’t had much time to develop a campaign strategy. The Democratic nominee has not officially made crypto part of her economic agenda. That said, a senior campaign adviser last month said she would support policies for the industry’s growth.
Last week, a crypto advocacy group, the Chamber of Progress Centre, sent a letter to ABC News journalists Lindsey Davis and David Mair, who will be moderating the debate, calling for them to raise the topic of digital assets. If the question doesn’t come up, then it’s unlikely that the market will be able to gain more clarity on this subject which could in itself be disappointing.
However, it’s worth noting that no major party candidate has mentioned cryptocurrency in the US presidential election debates. Any send that both candidates are supportive of digital assets could spur a move higher.
US inflation data tomorrow
In addition to the presidential debate this evening, US inflation data tomorrow will also be on Bitcoin’s radar. This is the final major data point ahead of the Federal Reserve rate decision next week.
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