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Following the U.S. presidential debate between Kamala Harris and Donald Trump, crypto and Bitcoin mining-related stocks experienced an early dip but rebounded later in the trading day. The drop occurred as opinion polls suggested that Harris outperformed Trump, who has been seen as more favorable to the crypto industry.
Crypto-linked stocks such as Coinbase (COIN) and Bitcoin-mining companies like MicroStrategy (MSTR), Marathon Digital (MARA), and Riot Platforms (RIOT) initially saw their share prices fall on September 11 but eventually recovered to close the day with only slight losses. Notably, Hut 8 (HUT) closed with a 1.29% gain, the only crypto-related stock to finish up on the day.
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The market’s reaction followed a YouGov survey, where 54% of voters deemed Harris the debate winner, compared to 31% who supported Trump. A CNN flash poll also reinforced Harris’ strong performance. Despite this, national polling data from FiveThirtyEight showed Harris leading Trump by 2.6 percentage points, with no significant change post-debate.
Crypto markets experienced a $60 billion drop in total market capitalization on the day of the debate but rebounded by 2.3% the next day. Bitcoin prices fell 3.7%, reaching a low of $55,573 but soon recovered to trade at $57,900. However, Trump-themed memecoins suffered sharp losses, declining by double digits in the 24 hours following the debate.
Trump has been vocal about his support for crypto, while Harris’ stance on the issue remains unclear. The debate and subsequent market response highlight the ongoing influence of political developments on the crypto sector.
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