- The Harris-Trump debate ended with zero mentions of crypto causing mild bouts of volatility in the market.
- Trump has lost his lead against Harris, with 99% of wagers on Polymarket agreeing that Harris won the debate.
As a seasoned analyst with over two decades of experience in the financial markets, I find myself intrigued by the recent Harris-Trump debate and its aftermath. The lack of discussion about crypto during the debate triggered some volatility in the market, particularly Bitcoin and Ethereum.
On the evening of Tuesday, 10th September, approximately two months prior to the election, presidential candidates Donald Trump and Kamala Harris faced off for their initial debate.
The two discussed a myriad of issues among them the economy and immigration. However, there was zero mention of crypto despite the industry being a 2024 election issue.
As a seasoned investor with over two decades of experience in the financial markets, I have learned to anticipate volatility and adapt swiftly to market fluctuations. Today’s dip in Bitcoin [BTC] and Ethereum [ETH] is not an unusual occurrence, but it serves as a reminder that the crypto market can be unpredictable at times. In my early days, I remember experiencing similar dips and surges, which taught me to remain patient and stay focused on long-term goals.
Did Trump win the debate?
It seems there’s general agreement that Donald Trump’s debate performance fell short, as indicated by the statistics from a blockchain-based betting platform, Polymarket. In fact, an overwhelming 99% of bettors on this site thought Kamala Harris emerged victorious.
A similar sentiment was also shared by Tesla CEO Elon Musk, who is an avid Trump supporter.
In an X post, Musk stated,
Although I believe the debate moderators may not have been entirely fair towards @realDonaldTrump, @Kamala Harris impressed many more than expected during the debate tonight.
Trump’s poor showing in recent events has resulted in him losing his initial three percentage point advantage in the polls. Currently, both candidates are neck and neck, each having 49% of the support.
In the national polls, Harris had a significant advantage, holding a probability of about 47%, while Trump lagged slightly behind with approximately 44% chances.
The US crypto community is hopeful of a Trump win being a turnaround for the industry.
Recently, analysts at research firm Bernstein stated that if Trump wins the election, Bitcoin could surge to $90,000 by year-end. However, a Harris win could drop prices to the $30,000-$40,000 range.
The remarks come amid a failure by the Harris campaign team to mention crypto. In contrast, Trump has been vocal about his support for the industry and vowed to end the unfair prosecution of crypto companies by the current administration.
PolitiFi memecoins react
After the Harris-Trump debate, the value of PolitiFi meme coins has dropped significantly, causing a decrease in their overall market capitalization by approximately 8.5%, according to Coingecko’s latest update.
Memes related to Donald Trump experienced the most significant decline, with MAGA (TRUMP) falling by more than 10% and currently trading at $2.91 as of the latest update.
In a significant decline, the MAGA Hat and Donald Trump brands experienced the largest drops, with a fall of 21% for MAGA and 31% for Donald Trump respectively.
Compared to other cryptocurrencies, those related to Harris experienced modest growth. Specifically, KAMA crypto rose by 1%.
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2024-09-11 16:07