First Trump-Harris Debate: Crypto Absent from Dialogue as Markets React – Blockonomi

ByTecha Viral
First Trump-Harris Debate: Crypto Absent from Dialogue as Markets React – Blockonomi

TLDR:

  • Trump and Harris debate with out mentioning crypto or Bitcoin
  • Bitcoin worth dropped 1-3% following the controversy
  • Prediction markets present a shift favoring Harris post-debate
  • Trump has courted crypto neighborhood, whereas Harris’ stance stays unclear
  • Polymarket noticed $14 million in debate-related bets

The primary presidential debate between former President Donald Trump and Vice President Kamala Harris occurred on September 10, 2024, with notable implications for monetary markets, together with cryptocurrencies.

Regardless of the rising significance of digital property within the political and financial panorama, neither candidate addressed crypto or Bitcoin in the course of the almost two-hour occasion.

The controversy centered on conventional subjects resembling international coverage, immigration, and abortion rights. This omission of crypto dialogue got here as a shock to many within the business, particularly contemplating Trump’s current efforts to courtroom the crypto neighborhood.

Since early 2024, Trump has been positioning himself as a pro-crypto candidate, promising to pardon Silk Street creator Ross Ulbricht and pledging to fireplace SEC Chair Gary Gensler on his first day in workplace if elected.

In distinction, Harris has but to obviously articulate her stance on digital property. Following President Biden’s withdrawal from the race, the Harris marketing campaign indicated a need to “reset” the Democratic Social gathering’s relationship with crypto.

Nevertheless, her staffing decisions counsel a possible continuation of the Biden administration’s insurance policies in direction of the business.

Market Reacts

The crypto market reacted to the controversy end result, with Bitcoin experiencing a drop of 1-3% within the hours following the occasion.

Bitcoin’s worth fell from round $58,000 to $56,600, earlier than recovering barely to over $57,000. This decline coincided with shifts in prediction markets favoring Harris.

Prediction markets performed a major position in gauging public sentiment across the debate. Polymarket, a crypto-based prediction platform, noticed a notable shift in odds.

Previous to the controversy, Trump held a slight lead with 53% in comparison with Harris’ 46%. Publish-debate, each candidates have been tied at 49% every, representing a seven-point swing. PredictIt, a non-crypto prediction market, confirmed an much more pronounced shift, with Harris’ odds rising to 56% and Trump’s falling to 47%.

2024 Election Forecast, Supply Polymarket

The controversy additionally sparked substantial betting exercise on Polymarket, with roughly $14 million wagered throughout 20 completely different markets associated to the occasion.

This determine far exceeded the $2.5 million in bets positioned on the sooner Biden-Trump debate. Bettors speculated on varied outcomes, together with whether or not the candidates would shake fingers and particular phrases they may use in the course of the debate.

Within the broader monetary markets, the controversy’s end result appeared to set off a risk-off sentiment. Asian markets and U.S. inventory futures skilled a downturn, whereas the Japanese yen strengthened in opposition to the U.S. greenback, reaching its highest degree since January.

Trump-themed Political Finance (PoliFi) tokens noticed vital losses following the controversy, with some dropping by over 20%. Conversely, a Harris-themed token skilled a modest achieve, reflecting the market’s notion of the controversy’s end result.

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