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12/09/24
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Crypto Stocks Rebound Post-Debate Despite Market Volatility
In the aftermath of a heated debate between U.S. presidential candidates Donald Trump and Kamala Harris, stocks related to cryptocurrency and Bitcoin mining experienced a notable rebound after an initial decline. The sharp drop in share prices on September 11 was largely attributed to market reactions surrounding the debate, which was perceived to favor Harris based on various opinion polls.
On the morning following the debate, publicly traded companies in the crypto sector witnessed significant fluctuations. Among these, Coinbase saw its stock fall to a low of $150 but subsequently bounced back with a 5.3% increase, closing at approximately $157 in after-hours trading. Similarly affected was MicroStrategy, which dipped to $122 before closing slightly down at $129.30, while also seeing a minor drop in after-hours trading.
Bitcoin mining firms Marathon Digital and Riot Platforms experienced decreased share values as well, closing the session down 0.94% and 2.07%, respectively. In contrast, Hut 8 stood out as the sole crypto-related stock to finish positively, gaining 1.29% to close at $10.58 after reaching a low of $9.76 earlier in the day.
The debate’s influence extended beyond stock prices, with a YouGov survey indicating that 54% of registered voters deemed Harris the winner of the debate compared to 31% favoring Trump. National polling data further reflected Harris’ continuing lead in voter support, with a margin of 2.6 percentage points over Trump, suggesting minimal impact from the debate itself.
While stocks recovered somewhat, the broader crypto market experienced a dip, losing $60 billion in total capitalization on the same day before rebounding by 2.3%, regaining lost ground. Bitcoin also faced pressure, falling to an intraday low of $55,573 before recovering to around $57,900 by early trading on September 12. In the wake of these events, memecoins associated with Trump experienced significant declines, reflecting the volatile nature of market sentiments influenced by political developments.
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