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The
former president had positioned himself as a pro-bitcoin
candidate whose return could mark a win for the industry that
has accused the current administration of regulatory overreach.
Bitcoin, the world's largest cryptocurrency, was down 1.6% on
Wednesday, while ether fell 2%.
"The US presidential debate did not address cryptocurrencies
directly. However, market sentiment is shifting in favor of
Kamala Harris," Valentin Fournier, analyst at research firm BRN.
"This creates a somewhat less optimistic outlook for Bitcoin
compared to the more enthusiastic projections made by Trump at
the Bitcoin 2024 Conference."
Bets of win for Harris improved to 56% from 53% before the
debate, while Trump's chances slipped to 48% from 52%, according
to online betting site PredictIt.
Trump had in July courted the crypto industry in a conference in
search of donations and votes with a promise of friendlier
regulation. "Never sell your bitcoin," Trump said at the time.
In the run-up to the debate, many market participants and
analysts viewed bitcoin as the asset to watch for clues on which
candidate was gaining an upper hand.
The crypto market is often seen as a risky fringe business with
high volatility and has drawn sharp scrutiny from the U.S.
Securities and Exchange Commission, which has accused it of
flouting securities laws.
But its mainstream appeal has improved a lot, thanks to the
support from Wall Street institutions and corporate titans like
Elon Musk and the approval of U.S. exchange-traded crypto funds.
Crypto miners Riot Platforms Marathon Digital, and U.S.-listed
shares of Hut 8 were down between 2.5% and 3.4% before the bell.
Software firm and BTC buyer MicroStrategy fell 4% and crypto
exchange Coinbase Global and Blockchain farm operator Bitfarms
were down 2.5% and 3%, respectively.
(Reporting by Manya Saini and Lisa Pauline Mattackal in
Bengaluru; Editing by Arun Koyyur)
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