Crypto and Bitcoin mining-related stocks in the U.S. bounced back after an early dip on September 11, following the presidential debate between Donald Trump and Kamala Harris. Opinion polls from the debate showed that voters rated Harris as the winner, which initially caused some volatility in the market.
Several publicly traded crypto and Bitcoin mining firms experienced a drop in share prices right after the debate. For example, Bitcoin-buying firm MicroStrategy (MSTR) experienced a dip, falling to $122 before recovering slightly to close at $129.30, down just 0.26%. After-hours trading saw the price further drop to $128.50, but the loss was relatively minor compared to the early dip.
Bitcoin mining companies like Marathon Digital (MARA) and Riot Platforms (RIOT) also saw declines but managed to recover some ground before the market closed. Marathon’s stock dropped by 0.94%, while Riot saw a slightly larger decline of 2.07%. Despite the downturn, both companies were able to recover from their worst points earlier in the day.
One notable exception was mining firm Hut 8 (HUT), which closed the day up 1.29% at $10.58, after experiencing a low of $9.76 earlier in the trading session.
The market's dip came as investors reacted to Kamala Harris' strong performance in the debate, which opinion polls confirmed. A survey from YouGov on September 11 showed that 54% of registered voters thought Harris won the debate, compared to 31% who favored Trump. Democrats and Republicans were largely divided along party lines regarding who they believed performed better, but the overall consensus leaned in Harris' favor. CNN’s flash poll echoed these results, with many viewers agreeing that Harris outperformed Trump.
Despite this reaction to the debate, national polling from FiveThirtyEight showed little change, with Harris maintaining a lead over Trump by 2.6 percentage points as of September 11.
Crypto markets mirrored this volatility, dropping $60 billion in total capitalization on September 11. However, the market recovered 2.3%, returning to pre-debate levels soon after. Bitcoin itself fell 3.7%, hitting an intraday low of $55,573, but it bounced back to trade at $57,900 by early September 12.
On the downside, Trump-themed memecoins took a significant hit, with all of them dropping by double digits over the past 24 hours, according to data from CoinGecko.
