Bitcoin price today: dips to $56k as Harris-Trump debate heralds tight race

Investing.com-- Bitcoin’s price fell on Wednesday, tracking a wider decline in risk-driven assets as a heated presidential debate presented the prospect of a hotly contested 2024 presidential election.

Bitcoin fell 1.2% to $56,258.6 by 01:58 ET (05:58 GMT), with broader cryptocurrency prices also retreating. The token turned negative after the conclusion of the debate, tracking a decline in U.S. stock index futures. 

Harris-Trump debate heralds tight 2024 race, crypto regulation uncertain

Democratic nominee Kamala Harris was seen performing much better than President Joe Biden in a debate with Republican nominee Donald Trump, with the two trading barbs over policy and person. 

The debate presented the prospect of a tight 2024 presidential race, with less than two months left to the ballots.

Increased competition for Trump presented some anxiety for crypto markets, given that he has openly declared support for the industry, promising an easier regulatory environment. 

Harris has so far made no comment on crypto regulation, but it is assumed that she will continue the Biden administration’s crackdown on the sector.

Still, none of the topics covered during the late-Tuesday debate mentioned cryptocurrency, while Trump also did not make any reference to the industry while discussing his planned economic policies. 

Recent polls, conducted before the debate, showed Harris holding a slight advantage over Trump, especially as she received a boost from her official naming as the Democratic candidate in late-August. 

Bitcoin nurses weekly losses, stays rangebound

The world’s biggest cryptocurrency was nursing steep losses over the past week, as it fell tracking a broader risk-off move in financial markets. 

The token had fallen as low as $52,000 last week, before recovering some lost ground. But it remained squarely within a trading range seen through most of this year, amid dwindling retail interest and waning hype over spot exchange-traded funds. 

Crypto price today: altcoins dip, CPI data awaited 

Broader crypto markets also retreated, with world no.2 crypto Ether falling 0.8% to $2,330.17.

SOL, XRP, ADA and MATIC moved in a flat-to-low range, while memecoin DOGE lost 3.8%.

In addition to uncertainty over the presidential race, traders were also on edge before a key U.S. consumer price index inflation reading due later on Wednesday.

The reading comes just a week before a Federal Reserve meeting, and is likely to factor into the central bank’s outlook on interest rates.