Bitcoin Drops and Recovers as Harris Polls Surge Post-Debate

U.S. Vice President Kamala Harris’ odds of winning the upcoming presidential election have risen sharply following her recent debate with Republican candidate Donald Trump. Polling data from several platforms reflect Harris’ increasing momentum, with Polymarket, a decentralized prediction market, showing a near-tie between the two contenders as Harris narrows the gap.

Harris and Trump Neck-and-Neck Post-Debate

According to Polymarket, Harris’ odds of winning the November 2024 election now stand at 50%, with Trump trailing closely at 49%. Pre-debate figures showed Harris at a 46% chance of victory compared to Trump’s 52%. The shift suggests Harris performed better in the Tuesday night debate, a view shared by many observers. However, the market reaction indicated a “sell the news” phenomenon, reflecting cautious investor sentiment amid concerns over Trump’s debate performance.

Cryptocurrency’s Role in the Election

Cryptocurrency has gained prominence as a campaign issue in the current political landscape. Although neither candidate mentioned crypto during the debate, their past actions reflect its growing importance.

Trump, once a critic of Bitcoin, has shifted to supporting the leading cryptocurrency. Meanwhile, Harris’ team has been reaching out to the crypto community, seeking to win over voters from the sector, despite the strained relationship between the crypto industry and the current administration.

Bitcoin pulled back in the hours following the presidential debate, with BTC dropping from around $57,700 to $56,100, reflecting a 2.6% loss. However, despite falling deeper after the US CPI data release on Wednesday, the leading cryptocurrency has recovered from the recent loss. Thursday’s session has seen Bitcoin surge nearly 2% to trade for $58,077 at the time of writing, according to data from TradingView.