During last night’s shambolic U.S. Presidential Debate, the price of Bitcoin (BTC) rallied to nearly $11,000, giving many hope that a lack of faith in US politics might help boost the crypto market. However, overnight the price slowly receded to near previous levels around $10,700 where it had been most of the week.
Noting last night’s gains, Dan Held, who works on the Growth team at popular crypto exchange Kraken, tweeted:
“The debate was a landslide victory for Bitcoin.”
While many respondents agreed with the comment, we are yet to see if Bitcoin makes any real gains from the outcome. Many proponents of cryptocurrency are adamant that it will prosper in times of financial distress, but critics believe it will more likely fall along with traditional stocks and assets.
While a few other coins like Monero (XMR) and Binance Coin (BNB) saw some gains, the majority weren’t hugely affected. Ethereum (ETH) is down 1.2% over the past 24 hours and Ripple’s XRP token has seen 2% in losses. Oddly enough, Bitcoin spin-off Bitcoin SV (BSV) benefited the most over the past 24-hours, up by 3.66%.
By comparison, other markets like US Equity Futures appear to have been hit negatively by the debate, with Dow Futures losing 200 points and the S&P 500 falling by 1.3%. The losses mean the US stock market could experience its first negative month since March, when it suffered losses due to the coronavirus pandemic.
The ripples of the debate even managed to cross the pond to Europe, where industrial goods and tech shares saw losses.
French terrorist cell
Speaking of Europe, French police have arrested 29 people in relation to the funding of Syrian terrorists. As reported by local news outlet France24, the 29 culprits had been buying ‘crypto coupons’ and sending them secretly to Syrian Jihadists to redeem for local currency on crypto exchanges.
For the past decade, the Syrian government has been fighting an uprising against president Bashar al-Assad in what has become a full-scale civil war. Various rebel groups, including Islamic State jihadists, remain active in their attempts to overthrow the government.
Allegedly, the suspects, aged between 22 and 66, were buying coupons worth as little as $10 up to $177 from small cafes and tobacco shops. They reportedly began using cryptocurrencies last year in the belief they were more subversive than traditional financing methods.
“Constant surveillance of these networks prompted terrorist organisations to seek more opacity by using cryptocurrencies such as bitcoin,” the police statement said.
French police have named two suspects believed to be the masterminds behind the scheme, Walid F and Mesut S, both aged 25 and living in Syria. The pair have already been sentenced to 10 years in prison for previous convictions and international arrest warrants have been issued for them. However, the pair remain at large.