Following the recent debate between US Presidential candidates Kamala Harris and Donald Trump on September 10th, the cryptocurrency market experienced significant fluctuations due to the absence of any discussion on the digital asset industry, despite its relevance as a focal point in the upcoming 2024 elections.
During the debate, various topics were covered ranging from the economy to immigration, yet the cryptocurrency sector was notably overlooked.
Consequently, this market oversight led to a period of instability, with Bitcoin (BTC) observing a slight decline of 1% during the early hours of trading in Asia, dropping below the $57,000 mark, while Ethereum (ETH) recorded a lower trading price of $2,336 at that time.
Assessment of Debate Outcome
Analysis of the debate performance indicated a general consensus that Trump’s presentation was subpar, as evidenced by data from the blockchain-based prediction platform Polymarket where 99% of predictions favored Harris as the winner.
Even Elon Musk, a notable supporter of Trump, acknowledged Harris’s better performance, stating,
“While I don’t think the debate hosts were fair to @realDonaldTrump, @Kamala Harris exceeded most people’s expectations tonight.”
Consequently, Trump’s declining performance in the debates has resulted in a loss of his lead in the polls, leading to both candidates being tied at 49% approval.
Harris currently holds a slight advantage in national polling, with a 47% likelihood of success, while Trump is behind at 44%.
Within the US cryptocurrency community, there is optimism surrounding a potential Trump victory and its positive implications for the industry.
Analysts at Bernstein have suggested that if Trump secures the election, Bitcoin could see a surge to $90,000 by the end of the year; on the contrary, a Harris win may result in a price drop to the $30,000-$40,000 range.
Trump has shown vocal support for the cryptocurrency sector and has vowed to address the unfair treatment of crypto entities under the current administration, a stance that has resonated positively with many in the industry.
Impact on PolitiFi Memecoins
Following the Harris-Trump debate, PolitiFi meme coins experienced a notable decline, with their total market capitalization plummeting by 8.5% according to Coingecko’s latest data.
Coins themed around Trump saw the most significant decrease, with MAGA (TRUMP) plummeting by over 10% to trade at $2.91 currently.
Similarly, MAGA Hat (MAGA) and Doland Tremp (TREMP) witnessed substantial losses, dropping by 21% and 31% respectively.
On the other hand, Harris-themed cryptocurrencies displayed minor gains, as seen with Kamala Horris (KAMA) recording a 1% increase.