Why is BITCOIN DOWN today? Taylor Swift & Harris vs. Trump

Crypto markets saw a notable pullback today following a shift in U.S. presidential election odds. Democratic candidate Kamala Harris gained ground against her crypto-supporting rival Donald Trump after a fiery debate, with betting odds favoring Harris rising to 56% from 53%. Taylor Swift threw further weight behind Harris with her Instagram endorsement, influencing her 280 million followers and potentially swaying younger voters. This led to crypto stocks tumbling, including crypto miners Riot Platforms, Marathon Digital, and Hut 8, which fell between 3.6% and 5.3%.

Bitcoin and Ether didn’t fare much better, with Bitcoin down 2% and Ether falling 2.6% post-debate. This reaction contrasts with Trump’s earlier stance of urging voters to "never sell your Bitcoin", positioning himself as a pro-crypto candidate promising regulatory support. He even hinted at the U.S. government holding Bitcoin as a store of value if elected. Meanwhile, Harris has yet to clarify her position on crypto regulations, leading to a more uncertain outlook for Bitcoin and the broader crypto market. Analysts, such as Valentin Fournier from BRN, noted that although crypto wasn’t addressed directly in the debate, the shifting sentiment now favors Harris, dimming hopes of a pro-Bitcoin administration.

As crypto remains a volatile sector, corporate giants like Elon Musk and Wall Street institutions have helped bring it into the mainstream. Still, concerns over regulatory scrutiny from agencies like the SEC loom large, particularly given the sector’s risk-heavy reputation. As election season intensifies, expect further market fluctuations. With crypto favorites like MicroStrategy and Coinbase sliding 5.4% and 3.6%, uncertainty over the industry’s regulatory future could keep pressure on these stocks until November’s final showdown.

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