Crypto and Bitcoin mining-related stocks experienced a notable recovery after initially dropping in early trading on September 11, following the United States presidential debate between Donald Trump and Kamala Harris. During the debate, opinion polls suggested Harris outperformed Trump, who is seen as a pro-crypto candidate, leading to a brief decline in crypto-linked shares.
Shares of Coinbase, for instance, dipped to a low of $150 on September 11 but bounced back to close the trading day slightly down at $157.22, as per Google Finance data. Similarly, MicroStrategy’s shares fell to $122 before rallying to close at $129.30, down just 0.26% for the day, and slightly dropped again to $128.50 in after-hours trading.
Mining companies also saw fluctuations, with shares of Marathon Digital and Riot Platforms initially falling but ultimately closing down by 0.94% and 2.07% respectively. Hut 8 Mining was the exception among its peers, managing to close the day up by 1.29% at $10.58 after initially dropping to $9.76.
The market’s initial reaction was likely influenced by a YouGov survey released on September 11, which showed 54% of registered voters believed Harris won the debate, compared to 31% for Trump. This sentiment was echoed in a CNN flash poll that also found a majority felt Harris had outperformed Trump.
Despite the debate’s immediate impact on stock prices, the overall crypto market showed resilience. After a significant dip that saw the total market capitalization fall by $60 billion on September 11, the market recovered 2.3%, returning to levels seen before the debate. Bitcoin itself dropped 3.7% immediately following the debate but regained strength to hit $57,900 in early trading on September 12.
However, Trump-themed memecoins didn’t fare as well, with significant losses across the board in the following 24 hours, according to CoinGecko. This reflects the volatile nature of crypto markets, especially in response to political events.
