Bitcoin and cryptocurrency-related stocks experienced a decline following Tuesday’s presidential debate between Kamala Harris and Donald Trump. Despite cryptocurrencies not being a topic during the debate, market reactions were significant.
Bitcoin’s value dropped to an intraday low of $55,534 during the debate and remained volatile through early Wednesday trading. The cryptocurrency managed to recover slightly but still closed in the red.
Shares of crypto-related companies also fell. Coinbase Global (COIN) saw a 2% drop, while MicroStrategy (MSTR), which holds over $14 billion in bitcoin, experienced a 1% decline. Bitcoin miner Marathon Digital Holdings (MARA) showed minimal change after an initial drop.
Prediction markets revealed a decrease in expectations for a Trump victory, shifting from 52% before the debate to approximately 50% on Wednesday. Conversely, the likelihood of a Harris win increased. A CNN flash poll indicated that 63% of respondents felt Harris performed better in the debate.
While cryptocurrencies were not discussed directly during the debate, they have gained attention on the campaign trail. Trump, who previously opposed cryptocurrencies, has become a supporter, even pledging to make the U.S. a global hub for bitcoin and crypto if re-elected. In contrast, Harris has not yet articulated a clear stance on cryptocurrencies.
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