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These Crypto Stocks Surge as Harris Tops Trump in Debate Polls

Crypto stocks rally after U.S. presidential debate; Coinbase, MicroStrategy, and mining stocks show quick recovery from initial dips.
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These Crypto Stocks Surge as Harris Tops Trump in Debate Polls

Highlights

  • Crypto stocks rallied post-debate, with Coinbase closing at $157.
  • Trump-themed memecoins drop sharply, reflecting increased political sensitivity.
  • Bitcoin regained losses, surpassing $58K after an initial 3% drop.
  • Harris leads Trump by 2.6 points in recent FiveThirtyEight poll.

Crypto stocks experienced notable fluctuations following the recent presidential debate between Donald Trump and Kamala Harris. Market reactions were swift as early polls indicated a preference for Harris over Trump, affecting companies with exposure to cryptocurrencies.

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Crypto Stocks Surge as Harris Tops Trump in Presidential Debate

Following the recent U.S. presidential debate, crypto stocks demonstrated significant recovery after initially experiencing a decline. The debate’s outcome seemed to favor Kamala Harris, as reflected in immediate polls. This shift in public sentiment had a direct impact on the financial markets, particularly those involving cryptocurrency stocks.

The cryptocurrency exchange, Coinbase, saw a sharp decrease in its stock price early in the trading day, touching a low of $150. Following this dip, Cathie Wood’s Ark Investments capitalized, purchasing 53708 Coinbase stocks worth over $8 million at $150. 

This strategic purchase came as crypto-related stocks experienced a downturn in the early trading hours of Wednesday, attributed to the Trump and Democratic Party candidate debate market impact.

However, by the close of trading, Coinbase (coin) price had posted a gain, ending the day at approximately $162.89 in after-hours trading. More so, this stock price showed a 3.65% increase, indicative of the rapid responsiveness of crypto stocks to political events.

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Market Recovery and Stability

Crypto stocks like MicroStrategy and mining companies Marathon Digital and Riot Platforms initially felt the market’s adverse reaction. MicroStrategy (MSTR) stock dipped early but closed slightly up at $130.77, indicating resilience in the face of political fluctuations. 

In addition, Marathon Digital (MARA) also recovered from its initial falls, surging 0.063% and closing at 15.80.       

In contrast, Hut 8 Mining (HUT) stock price saw an increase throughout the day, closing at $10.89, a 2.93% surge today. This highlights the differences in individual stock performance amid varied investor sentiments and political developments.

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Broader Impact on Cryptocurrency Markets

The broader cryptocurrency market also mirrored the volatility of crypto stocks, with Bitcoin price by 3% following the debate. However, it quickly made up for the losses surging past the $58K mark at press time. Crypto investors are however confident that Bitcoin will reach $100,000 regardless of whether Donald Trump or Kamala Harris wins.

Additionally, the overall market capitalization of cryptocurrencies initially shed $60 billion but regained much of it, demonstrating a 2.3% increase shortly thereafter.

Concurrently, Trump-themed memecoins, which became popular during the campaign, suffered notably. CoinGecko data shows these tokens experienced sharp declines within 24 hours post-debate. For instance, CoinGape reported that MAGA price dropped 10% soon after the Polymarket data showed 3% drop in Trump’s win chances following the Trump Harris debate

The broader crypto community has demonstrated strong support for Donald Trump due to his vocal advocacy for digital assets. In contrast, Kamala Harris unclear position on cryptocurrencies has contributed to increased market sensitivity to the debate.

Nonetheless, a recent FiveThirtyEight poll reveals Harris holds a 2.6 percentage point advantage over Trump as of September 11. As the U.S. presidential race heats up, the political leanings and policies of candidates like Harris and Trump could sway investors and market trends.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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