Harris-Trump debate ignores crypto, triggers market unrest

• The Harris-Trump debate ended with zero mentions of crypto causing mild bouts of volatility in the market.
• Trump has lost his lead against Harris, with 99% of wagers on Polymarket agreeing that Harris won the debate.

US Presidential contenders Donald Trump and Kamala Harris took the stage on Tuesday night, 10th September, in their first debate barely two months before the election.

The two discussed a myriad of issues among them the economy and immigration. However, there was zero mention of crypto despite the industry being a 2024 election issue. 

This triggered some bouts of volatility in the market. Bitcoin [BTC] dropped slightly by 1% during early Asia trading hours edging down below $57,000 while Ethereum [ETH] traded lower at $2,336 at press time. 

Did Trump win the debate? 

There appears to be a consensus that Trump’s debate performance was lacking, with data from blockchain-based betting site Polymarket showing that 99% of wagers believe that Harris won.

Source: Polymarket

A similar sentiment was also shared by Tesla CEO Elon Musk, who is an avid Trump supporter. 

In an X post, Musk stated,

“While I don’t think the debate hosts were fair to @realDonaldTrump, @Kamala Harris exceeded most people’s expectations tonight.” 

Trump’s dismal performance has seen him lose a three-point lead in the polls, with the two candidates now tied at 49%.

Source: Polymarket

Harris was also leading in the national polls, with 47% odds in her favour while Trump was trailing behind with 44%. 

The US crypto community is hopeful of a Trump win being a turnaround for the industry.

Recently, analysts at research firm Bernstein stated that if Trump wins the election, Bitcoin could surge to $90,000 by year-end. However, a Harris win could drop prices to the $30,000-$40,000 range. 

The remarks come amid a failure by the Harris campaign team to mention crypto. In contrast, Trump has been vocal about his support for the industry and vowed to end the unfair prosecution of crypto companies by the current administration. 

PolitiFi memecoins react 

PolitiFi meme coins have tumbled after the Harris-Trump debate, with their total market cap plunging by 8.5% at the time of writing per

Trump-themed meme coins saw the largest drop. MAGA (TRUMP) was down by over 10% to trade at $2.91 at press time. 

MAGA Hat (MAGA) and Doland Tremp (TREMP) saw the most losses, dropping by 21% and 31%, respectively. 

In comparison, Harris-themed cryptos saw slight gains, with Kamala Horris (KAMA) registering a 1% increase.