Crypto stocks rebound after Harris leads polls in debate against Trump
Crypto and Bitcoin (CRYPTO:BTC) mining-related stocks in the United States recovered after an initial drop in trading on September 11, following a debate between presidential candidates Kamala Harris and Donald Trump.
Stocks linked to the crypto sector initially fell after polls indicated that Harris outperformed the pro-crypto Trump during the debate.
According to YouGov, 54% of registered voters believed Harris won the debate, while 31% favored Trump.
A CNN flash poll also suggested Harris had the upper hand.
Despite the early dip, most crypto stocks managed to rebound, ending the day with minimal losses.
Shares of crypto exchange Coinbase (COIN) dropped to a low of $150 on September 11 but quickly regained 5.3%, closing at $157.22, down by only 0.79%.
MicroStrategy (MSTR), a company known for its Bitcoin investments, also faced a decline to $122 but recovered to close just 0.26% lower at $129.30.
Bitcoin mining firms like Marathon Digital (MARA) and Riot Platforms (RIOT) saw similar patterns, closing down by 0.94% and 2.07%, respectively.
On the other hand, Hut 8 (HUT) was the only crypto-linked stock to finish in positive territory, gaining 1.29% to close at $10.58 after dipping to $9.76 earlier in the day.
The broader crypto market initially reacted to the debate outcome by shedding $60 billion in total market capitalization.
However, it rebounded by 2.3%, returning to its pre-debate levels.
Bitcoin (CRYPTO:BTC) prices also dropped by 3.7%, falling to an intraday low of $55,573 on September 11, before recovering to $57,900 during early trading on September 12.
Despite the industry largely favoring Trump due to his pro-crypto stance, Harris' debate performance seems to have created uncertainty in the markets.
Trump-themed memecoins experienced a notable decline, with many dropping by double digits over the past 24 hours, according to CoinGecko.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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