Cryptocurrencies
Crypto ‘Trump Trade’ on Hold as Other Factors Captivate Market
- Traders point to pending distribution of Bitcoin from Mt. Gox
- Selling after token ‘unlocks’ of projects weigh on prices
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President Joe Biden’s poor performance in a debate last week has bolstered the prospects for Donald Trump, his crypto-embracing opponent, to return to the White House.
So why is Bitcoin actually trading lower than it was before the debate? And why are smaller so-called altcoins faring even worse? Traders say the market is being led by other catalysts at the moment, including expected selling of Bitcoin being released from the estate of bankrupt exchange Mt. Gox and “unlocks,” or distributions of additional tokens issued by smaller digital currencies.