Crypto Market Rebounds as Harris Outshines Trump in Debate

The recent US presidential debate between Donald Trump and Kamala Harris triggered a cautious approach in the cryptocurrency market. Analysts suggest that Trump’s lackluster performance led to a decline in Bitcoin’s value. Post-debate, Bitcoin dropped 2.5%, sliding from $57,700 to $56,100, before stabilizing slightly at $58,000. 

Trump’s performance in the latest debate was poor compared to previous ones, such as the ones he had with Joe Biden. This specific view is generally accepted and is blamed for the adverse behavior seen in the market.

Stock Recovery Post-Debate

Following the initial market downturn, crypto-related stocks saw a rebound. This shift occurred after polls indicated a preference for Harris’s performance over Trump’s. For instance, Coinbase’s stock plummeted to a low of $150 on September 11 but recovered to about $157 in after-hours trading.

In the beginning, companies that are relevant to Bitcoin mining, in this case, Marathon Digital and Riot Platforms, saw a decrease in their share prices but saw some slight restoration tables by the latter end of the trading day. On the other hand, Hut 8 Mining Corp was the only business entity to close the day with an uptrend, gaining an increase in price of stock of 1.29 percent.

Public Opinion and Market Sentiment

In YouGov and CNN’s polls that were conducted after the debate, Harris emerged as the most preferred candidate among the viewers. These polls then affected the market’s reaction. The crypto industry remained in wait-and-see mode, pending clearer signals on policy favoring one candidate or the other.

After the presidential debates were held in the US, the majority of the leading altcoins made a recovery in the market. In particular, BTC increased by 3% to $58,121, while ETH and SOL were up by 1.52% and 3% respectively. In a similar way, BNB rose by 6.70% to $543.16, and Cardano was up 5.68% now at $0.3549. 

The cryptocurrency market is sensitive to political events as the US elections progress. The recent debate highlights how presidential performances can influence investor sentiment and stabilize the financial market.