eptembre 10th, marked the first presidential debate between vice president Kamala Harris and Former president of the USA Donald Trump. It is important to note that no mention of crypto currency and policies were mentioned during the debate. Moreover after the debate, prediction markets saw an increase in the odds for Harris winning the elections. For example, Polymarket is currently showing a tie between both candidates, whereas Traditional betting sites are showing Harris slightly taking the lead.
Bitcoin's Price Reaction
Although there was no mention of cryptocurrency or Bitcoin during the debate, Bitcoin’s price responded negatively with a 3% drop from $58,000 to $56,000. The is mainly due to Harris’s increasing odds of winning the election which could negatively affect the market as a whole since she is not supportive of the crypto industry and could potentially implement harsh policies if elected.
Controversy Resonates in Crypto Asset Markets
The change in prediction markets and the effect on Bitcoin’s price after the presidential debate shows how politics can influence the crypto market and investor sentiment. Although no discussion of crypto occurred during the debate, investors and traders are observant of the election’s impact on the industry. Over time, the crypto community will continue waiting for signs regarding the future approaches to regulation of the campaign.
