The chances of Democratic nominee Kamala Harris winning improved following the presidential debate with Republican candidate Donald Trump. As both the former US president and the Vice President found themselves neck-and-neck in the polls, the leading cryptocurrency experienced a slight decline of 1.5% in its price.
Many investors were eager for mentions of Bitcoin (BTC) and digital assets, but their hopes were dashed when the debate ended without any discussion of crypto policies.
Crypto Overlooked in Presidential Debate
The crypto community anticipated Tuesday’s Presidential Debate, hoping the candidates would address industry policies, as a candidate’s position on digital assets has become increasingly important for American voters.
A recent report from global exchange Gemini indicated that three out of four crypto owners believe digital asset policies could influence their voting decisions. 73% of those surveyed plan to regard a candidate’s stance on the industry when voting, while 37% stated these policies would significantly affect their choice.
Consequently, many investors hoped for a discussion of the sector’s policies during the nominees’ first face-off. Donald Trump, the former US President, has shown support for the crypto industry, gaining significant backing from prominent figures in the field.
Trump has vowed to combat the regulatory onslaught on the sector, promising to terminate the Biden-Harris administration’s “anti-crypto crusade.” He has also stated his intention to dismiss Securities and Exchange Commission (SEC) Chairman Gary Gensler if he wins the election.
The absence of crypto talk during the debate left the US Vice President’s position on the sector unclear. Despite this, many within the community view the Democratic nominee as the debate’s victor.
Bitcoin enthusiast Mike Novogratz remarked that VP Harris “outperformed” the Republican nominee during the debate, humorously suggesting that the Republican National Committee (RNC) might replace Trump after the event. Novogratz also implied that the election result won’t become evident until it’s finalized, noting, “Our election will come down to six states that are likely to be close.”
Other community members believed that Americans were the “true losers” following the debate, as both candidates “avoided addressing real issues like rising inflation, incessant government overreach, and the federal reserve’s money printing.”
QCP Capital mentioned in a Telegram message that Harris seems to have “won in public opinion.” However, it acknowledged that neither candidate offered a “clear message on economic policy.”
Harris Takes the Lead
The debate resulted in a 4% increase in the Democratic nominee’s winning odds, according to Polymarket, with Trump and Harris both holding 49% chances of winning after Tuesday night. Nonetheless, the US VP gained the lead in the early hours of Wednesday.
VP Harris takes the lead against Donald Trump. Source: Polymarket
VP Harris’ winning odds were further bolstered after global music icon Taylor Swift endorsed her. In an Instagram post, the artist distanced herself from the pro-crypto Republican candidate, who had recently circulated AI-generated images suggesting she and her followers supported him.
Moreover, Swift criticized Trump’s running mate J.D. Vance for his remarks referring to female Democratic politicians as “childless cat ladies.” Leading up to the debate, the Democratic nominee also garnered support from 88 business leaders, including Ripple’s co-founder Chris Larsen and billionaire Mark Cuban.
At the time of writing, Kamala Harris’ winning probability reached 50% according to Polymarket, while Trump stood at 49%, with her odds of winning the six swing states increasing by 2% in the prediction market.
Bitcoin is currently trading at $56,703 according to the three-day chart. Source: BTCUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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