Crypto and Bitcoin Mining Stocks React to Presidential Debate
Crypto and Bitcoin mining stocks experienced a significant drop on September 11, following the debate between U.S. presidential candidates Donald Trump and Kamala Harris. The debate’s outcome, with polls indicating Harris as outperforming Trump, led to a sharp decline in these stocks.
Recovery After Early Trading Day Dip
Despite the initial plunge, crypto-related stocks managed to recover by the end of the trading day. Most shares showed only slight declines after rebounding from their lows.
Performance of Major Crypto Companies
- Coinbase (COIN): Coinbase shares fell to a low of $150 but rebounded to $157 in after-hours trading, reflecting a 5.3% recovery.
- MicroStrategy (MSTR): MicroStrategy saw a dip to $122 before closing 0.26% down at $129.30, with a slight drop to $128.50 in after-hours trading.
- Marathon Digital (MARA) and Riot Platforms (RIOT): Shares of these BTC miners saw early declines but closed slightly down, with Marathon Digital at -0.94% and Riot Platforms at -2.07%.
- Hut 8 (HUT): In contrast, Hut 8 was the only crypto-linked stock to end the day up, closing 1.29% higher at $10.58 after an initial low of $9.76.
Impact of the Debate on Crypto Stocks
The market’s reaction to Harris’ debate performance, which was perceived as stronger according to various polls, influenced the initial drop in crypto and Bitcoin mining stocks. A YouGov survey showed 54% of voters believed Harris won the debate, while a CNN flash poll also favored Harris’ performance.
Crypto Market Reactions
- Overall Market Capitalization: The broader crypto market saw a drop of $60 billion in total capitalization on September 11 but managed to recover by 2.3% to return to pre-debate levels.
- Bitcoin Prices: Bitcoin prices fell 3.7% to an intraday low of $55,573 but recovered to around $57,900 during early trading on September 12.
Trump-Themed Memecoins Struggle
In contrast to the recovery seen in mainstream crypto assets, Trump-themed memecoins faced significant declines, dropping double digits over the past 24 hours according to CoinGecko.
FAQs
How did the Trump-Harris debate affect Bitcoin and crypto mining stocks?
The debate between Donald Trump and Kamala Harris initially caused a dip in Bitcoin and crypto mining stocks. On September 11, shares of crypto-related companies fell as markets reacted to Harris’ performance, which was perceived positively by polls compared to Trump. However, most of these stocks recovered slightly from their early losses by the end of the trading day.
How did Bitcoin’s price react to the debate?
Bitcoin’s price experienced volatility following the debate. On September 11, Bitcoin dropped 3.7% to an intraday low of $55,573. However, it recovered to trade around $57,900 in early trading on September 12.
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