:max_bytes(150000):strip_icc()/GettyImages-453930217-42848c04ff58410d952e1a5b65a00929.jpg "Bitcoin, Crypto-Tied Stocks Slip After Presidential Debate")
:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-453930217-42848c04ff58410d952e1a5b65a00929.jpg)
Key Takeaways
- Bitcoin and crypto-related stocks fell following the presidential debate between Kamala Harris and Donald Trump.
- Prediction markets indicated lower odds of a victory by Trump, who is seen as pro-bitcoin, while expectation of a Harris win rose.
- Cryptocurrencies were not discussed in Tuesday’s debate but have garnered attention on the campaign trail.
- Previously not a fan of bitcoin, Trump is now a supporter, while Harris has yet to share support or adopt a policy stance around cryptocurrencies.
The price of bitcoin (BTCUSD) and stocks tied to the popular cryptocurrency slipped following Tuesday’s presidential debate.
Bitcoin dropped sharply during the debate and remained volatile in early trading Wednesday. It fell to an intraday low of $55,534 before gaining some ground but is still trading in the red.
Cryptocurrency exchange Coinbase Global (COIN) saw its shares slide about 2% early Wednesday afternoon. Shares of MicroStrategy (MSTR), a software company that holds more than $14 billion worth of bitcoin, slipped 1% after paring losses, while bitcoin miner Marathon Digital Holdings (MARA) was little changed after falling earlier in the session.
Prediction markets indicated a dip in expectation that former President Donald Trump would win the election in November. Polymarket is still predicting a Trump win, but the likelihood fell from about 52% prior to the debate to roughly 50% Wednesday, while the odds of a victory for Vice President Kamala Harris climbed. A separate CNN flash poll found that 63% of respondents believed Harris did a better job Tuesday night.
Crypto Gathering Steam on Election Trail
Cryptocurrencies were not a subject of conversation during the debate but they have garnered some attention on the campaign trail.
Trump, who was “not a fan” of cryptocurrencies in 2019, is now a believer. Last week, Trump vowed to make the U.S. the “world capital” for bitcoin and cryptocurrencies if elected. In July, he spoke at the Bitcoin 2024 conference, showing support for the digital asset.
Harris, on the other hand, has not clarified her position or shared a policy stance around cryptocurrencies yet.