On Wednesday, September 11, cryptocurrency and Bitcoin $58,156 Mining stocks have rebounded strongly after an initial decline following the US presidential debate between Kamala Harris and Donald Trump. Following the debate, stock prices of publicly traded crypto and Bitcoin mining companies fell, driven by some polls suggesting Harris had overtaken Trump. However, by the end of the trading day, crypto companies’ stocks had recovered from their lows.
Controversy and Crypto Market Reaction
Crypto exchange Coinbase Global Inc (NASDAQ: COIN) rose 5.3% to $157 after falling to $150 following the controversy. However, COIN shares are still down 18% on the monthly chart. Similarly, the world’s largest institutional Bitcoin holder, MicroStrategy Inc (NASDAQ: MSTR), fell below $125 early Wednesday but rose to $129 by the end of the trading day.
Performance of Mining Companies
Bitcoin mining companies like Marathon Digital Holdings Inc (NASDAQ: MARA) and Riot Platforms (RIOT) also saw early declines but recovered by the end of the day. However, Hut 8 Mining Corp (HUT) closed positive, rising from $9.76 to $10.58, ending the day up 1.29%.
Trump and Harris Debate
A poll published by YouGov found that over 54% of registered users see Harris as the winner of the debate. A similar poll by CNN also showed Harris leading Trump. The crypto industry is supporting Donald Trump for the upcoming 2024 US Presidential Election. Trump promises to make America the crypto capital with crypto-friendly policies.
Cryptocurrency markets saw a $60 billion drop in total market value following the controversy, but this quickly recovered to gain 2.3%. The price of Bitcoin fell 3.7% following the controversy, falling to $55,573, but recovered to $57,900 in the early hours of September 12.
The recovery in the crypto market shows that investors continue to have confidence despite the uncertainty following the debate. Fluctuations in stock prices reveal the impact of political events on financial markets. Such events reveal that investors should closely monitor market conditions.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
