Crypto and Bitcoin mining-related stocks have bounced back following an early trading day dip in the wake of the debate between United States presidential candidates Donald Trump and Kamala Harris.
Publicly traded crypto and Bitcoin (BTC) mining firms saw their share prices plunge on Sept. 11, reacting to the debate the night before, which saw Harris outperforming the pro-crypto Trump, according to opinion polls.
The crypto-linked shares recovered from their lows, with most closing trading only slightly down.
Shares of crypto exchange Coinbase regained 5.3% following a dip to a Sept. 11 low of $150, returning to its pre-debate price at around $157 in after-hours trading, according to Google Finance.
Coinbase closed at $157.22, down a slight 0.79% on the day. Source: Google Finance
The Bitcoin-buying MicroStrategy followed suit, dipping to $122 before recovering to close 0.26% down at $129.30 and dropping to $128.50 in after-hours trading.
Shares in BTC miners Marathon Digital and Riot Platforms also saw early drops, recovering to close down 0.94% and 2.07%, respectively.
Mining company Hut 8 was the only crypto-related stock to end the day with a gain, rising 1.29% to close at $10.58 after dipping to a low of $9.76 earlier in the session.
The dips came as markets reacted to Harris’ debate performance. A YouGov survey published on Sept. 11 showed voters pinned Harris as the night’s winner, with 54% of registered voters saying Harris won, over the 31% who said the same about Trump.
Democrats and Republicans were split down party lines over who they thought won the debate. Source: YouGov
A CNN flash poll also claimed that the majority of debate watchers said Harris outperformed Trump onstage.
The crypto industry has largely supported Trump, who has made several promises to implement pro-crypto policies. In contrast, Harris’s position on cryptocurrency remains unclear.
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As of Sept. 11, national polling from FiveThirtyEight indicates that Harris’ lead over Trump has not changed and remains at 2.6 percentage points. However, it will take a few days for new polls to be administered and published, so it is still yet to be determined whether she will widen her lead.
National polling from FiveThirtyEight has Harris ahead. Source: FiveThirtyEight
Crypto markets also took a dip on Sept. 11, dropping $60 billion from total capitalization, but have since recovered 2.3%, returning to pre-debate levels.
Bitcoin’s price shed 3.7% in the wake of the debate, falling to an intraday low of $55,573 on the day before recovering to reclaim $57,900 during early trading on Sept. 12.
However, Trump-themed memecoins have taken a beating, with all of them dumping double-digits over the past 24 hours, according to CoinGecko.
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