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Kriptoteka > Crypto News > Crypto Stocks Strongly Recover After Trump-Harris Debate Dip
Crypto News

Crypto Stocks Strongly Recover After Trump-Harris Debate Dip

marcel.mihalic@gmail.com
Last updated: September 12, 2024 1:09 pm
By marcel.mihalic@gmail.com 3 Min Read
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Crypto Stocks Surge Back Following Initial Decline After Trump-Harris Debate

On Wednesday, September 11, shares of crypto and Bitcoin mining companies experienced a robust rebound after an early-hour dip. This dip was triggered by the first US presidential debate featuring Kamala Harris and Donald Trump.

Earlier on September 11, publicly traded crypto and Bitcoin mining enterprises saw a decline in their stock prices in response to the debate. Various opinion polls indicated that Harris had outperformed Trump in this debate. By the end of the trading day, the stock prices of publicly-listed crypto firms had climbed back from their initial lows.

After hitting a low of $150, shares of the crypto exchange Coinbase Global Inc (NASDAQ: COIN) rebounded by 5.3%, returning to its pre-debate price of $157. Nevertheless, on the monthly chart, COIN shares remain down by 18%.

In a similar vein, MicroStrategy Inc (NASDAQ: MSTR), the world’s largest institutional Bitcoin holder, witnessed its share price dip below $125 during the early trading hours of Wednesday. However, it rallied back to $129 by the close of trading.

Moreover, shares of Bitcoin mining companies like Marathon Digital Holdings Inc (NASDAQ: MARA) and Riot Platforms (RIOT) also saw early losses but managed to recover as the day progressed, ultimately closing down by 0.94% and 2.07%, respectively. On the flip side, Hut 8 Mining Corp (HUT) was the only crypto-related stock to finish the day in the green, rising 1.29% to $10.58 after reaching a low of $9.76.

The Impact of the Trump and Harris Debate on Crypto

YouGov released a survey on Wednesday, September 11, indicating that Kamala Harris was perceived as the night’s victor, with over 54% of registered users believing she won, while 31% favored Trump.

Crypto Stocks Surge Back Following Initial Decline After Trump-Harris Debate

Photo: YouGov

CNN also conducted a similar analysis, revealing that a majority of debate viewers felt that Harris had outshone Trump during the event.

The cryptocurrency sector has been increasingly supporting Donald Trump ahead of the upcoming US Presidential Elections in 2024. Trump has committed to providing clear cryptocurrency regulations and promoting crypto-friendly policies. He has also expressed intentions to support the Bitcoin mining sector while positioning America as the global crypto capital. As a result, he has garnered substantial crypto donations for his campaign.

On September 11, the cryptocurrency markets experienced a total capitalization drop of $60 billion but have since bounced back by 2.3%, regaining pre-debate levels. Following the debate, Bitcoin’s price fell by 3.7%, hitting an intraday low of $55,573 before recovering to $57,900 during early trading on September 12.

Crypto Stocks Surge Back Following Initial Decline After Trump-Harris Debate

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