Bitcoin and Dogecoin Tumble as Kamala Harris Wins Debate Over Trump

Bitcoin and Dogecoin- Bitcoin ETFs See Inflows Amid Market Reaction to Harris Debate Victory

Bitcoin and Dogecoin– It’s a risk-off day in Asia following U.S. Vice President Kamala Harris’s standout performance in the second presidential debate. Harris is reported to have outshined former President Donald Trump, who has been a pro-crypto advocate. This debate outcome has significantly impacted global financial markets.

Bitcoin and Dogecoin Prices Drop as Harris Wins Debate Against Trump

Bitcoin (BTC), the leading cryptocurrency by market value, has fallen over 2% to $56,300. The CoinDesk 20 Index, which tracks a broader range of cryptocurrencies, is down nearly 2.5%, according to CoinDesk data. Dogecoin (DOGE) led the losses among major tokens, sliding 4% in the past 24 hours. Meanwhile, XRP, Solana’s SOL, ether (ETH), and BNB Chain’s BNB have remained relatively stable.

Crypto Market Reacts: Bitcoin ETF Inflows Continue Amid Market Downturn

In contrast to the declining crypto prices, Bitcoin exchange-traded funds (ETFs) have seen continued inflows for a second consecutive day after a prolonged losing streak. The latest data shows $117 million in new investments, with Fidelity’s FBTC product leading the charge.

This year, Trump has been courting the crypto community, positioning bitcoin and the wider crypto market as a key aspect of his presidential campaign. As a result, traders have been closely watching the betting odds on the platform Polymarket. The debate results have caused significant shifts in Trump-themed Political Finance (PoliFi) tokens, with the MAGA (TRUMP) token down 11.7%, Solana’s Doland Tremp (TREMP) token down 27%, and the MAGA Hat (MAGA) token down 23.5%.

Japanese Yen Strengthens as Risk Sentiment Shifts: What It Means for Global Markets

In traditional markets, futures tied to the S&P 500 have lost 0.4%, and Chinese stocks have fallen to a seven-month low. The Japanese yen has strengthened to 140.70 per U.S. dollar, its highest level since January. This appreciation comes as the Bank of Japan hiked interest rates for the first time in decades, leading to an unwinding of risk-on yen carry trades.

PoliFi Tokens Plummet: MAGA and TREMP Tokens See Significant Declines

While Polymarket bettors have the election odds tied at 49-49, recent polls suggest Kamala Harris won the debate. This has resulted in a broader decline in the PoliFi category market cap, which has fallen 8.8% to just over $540 million. In contrast, the Harris-themed ‘Kamala Horris’ (KAMA) token has seen a 7.6% increase.

Kamala Harris’ Debate Win Boosts ‘Kamala Horris’ Token, PoliFi Market Cap Falls

Following Harris’ debate victory, there has been a notable rise in the Kamala Horris (KAMA) token. This increase contrasts sharply with the downturn in Trump-themed tokens and reflects the broader impact of the debate on political finance markets.

Futures and Stocks Decline: Traditional Markets React to Debate Developments

In the aftermath of the debate, futures related to the S&P 500 and Chinese stock indices have experienced declines. This reaction aligns with Trump’s defense of trade tariffs during the debate, claiming they would not result in higher prices for U.S. consumers.

Polymarket Odds: Bets on Future Debates and Trump Campaign Changes

Currently, bettors on Polymarket are forecasting a 56% chance of another debate and a 27% chance that Trump will fire his campaign manager. Trump’s appearance on Sean Hannity’s Fox News show immediately after the debate is being interpreted as a sign that his campaign felt his performance was lacking.

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