On September 11, several crypto-related stocks saw a drop as markets responded to the debate. Voters rated Kamala Harris as the winner over pro-crypto Donald Trump, causing uncertainty in the sector. Shares in prominent crypto companies, including Bitcoin miners and exchange platforms, fell. Publicly traded firms like Coinbase and Bitcoin mining companies Marathon Digital and Riot Platforms all experienced declines.

Recovery in Crypto Stocks

However, as the day progressed, the market stabilized. Coinbase shares, which dipped to $150 during the day, rebounded and closed at $157.22, down only 0.79%. Other major players, like MicroStrategy, which dipped to $122, also recovered, closing at $129.30, down 0.26%.

Even Bitcoin mining companies Marathon Digital and Riot Platforms, which initially saw significant declines, managed to close with minor losses of 0.94% and 2.07%, respectively.

Interestingly, Hut 8, another mining company, was the only crypto-related stock to see gains, rising 1.29% by the end of the day.

Voter Reactions to the Debate

The dip in crypto stocks followed post-debate opinion polls that indicated Harris had the edge over Trump. According to a YouGov survey, 54% of voters felt Harris outperformed Trump, who received support from only 31% of voters. CNN’s flash poll echoed these findings, further intensifying market reactions.

Bitcoin also took a hit, dropping 3.7% to an intraday low of $55,573 after the debate. However, it soon recovered to $57,900 during early trading the following day. Trump-themed memecoins were not so fortunate, suffering double-digit losses in the 24 hours after the debate.

The Bigger Picture

Though the crypto industry has generally backed Trump for his pro-crypto stance, the debate seemed to leave investors uncertain. Harris has not clarified her position on cryptocurrency, leading to speculation about what her potential presidency might mean for the sector.

Despite the market’s initial response to the debate, polling data suggests the race between Harris and Trump remains close. National polling from FiveThirtyEight showed Harris ahead of Trump by just 2.6 percentage points.

For now, crypto markets seem to have stabilized, with stocks and Bitcoin recovering to their pre-debate levels, but the longer-term impact remains to be seen as new polls and data emerge.