Trump’s silence on Bitcoin during debate hits BTC price

Bitcoin is trading around $56,500 as of the morning of September 11, 2024. The price drop follows a debate between U.S. presidential candidates Donald Trump and Kamala Harris, where Trump did not mention Bitcoin.

This omission has led to a more than 2% decline in Bitcoin’s value.

On Tuesday, Bitcoin closed at $57,650. Trump’s failure to discuss Bitcoin during the debate has increased selling pressure, causing Bitcoin’s price to fall to $56,500.

Previously, Trump had made statements about making the United States the global hub for Bitcoin and committing to not selling government-held BTC.

This had led to positive expectations among investors ahead of the debate, but the lack of relevant comments resulted in a price drop.

Investors close positions

Over the past five days, Bitcoin’s price had risen from $54,000 to $58,000 because of expectations of pro-Bitcoin comments from Trump.

The anticipation of new messages in favor of cryptocurrencies had boosted investor optimism. However, Trump’s silence on Bitcoin accelerated selling, with approximately 32,000 investors closing their BTC positions and a $103 million outflow of capital.

Focus shifts to US CPI data

Analysts suggest that if today’s U.S. Consumer Price Index (CPI) data falls below expectations, it could lead to a weakening of the dollar and a potential rebound in Bitcoin’s price.

Short-term, Bitcoin’s price is being watched around the $54,000 support level and the $58,000 resistance level.