Crypto and Bitcoin mining stocks in the U.S. rebounded after initial declines during early trading on September 11, following the vice-presidential debate between Kamala Harris and Donald Trump. Opinion polls, including one from YouGov, indicated that voters rated Harris as the winner of the debate, which seemed to have had an indirect impact on the markets.
Publicly traded companies tied to the crypto industry saw early drops but quickly recovered. Notably, shares in crypto exchange Coinbase (COIN) dipped to $150 but bounced back by 5.3%, settling at around $157 in after-hours trading, according to Google Finance.
Similarly, Bitcoin-holding MicroStrategy (MSTR) fell to $122 before stabilizing, ending the day just 0.26% down at $129.30 and slightly adjusting to $128.50 in after-hours trading.
Bitcoin mining firms were also affected by the debate. Marathon Digital (MARA) and Riot Platforms (RIOT) experienced early losses, yet managed to minimize declines, closing at -0.94% and -2.07%, respectively. The only standout in the mining sector was Hut 8 (HUT), which rose 1.29% to $10.58 after recovering from an intraday low of $9.76.
Despite early jitters, the broader crypto market, which initially saw a $60 billion dip in capitalization on September 11, also managed to regain ground. Bitcoin prices dropped 3.7%, hitting an intraday low of $55,573 but soon rebounded to $57,900 by early trading on September 12.
Harris’ strong debate showing hasn’t yet affected her polling numbers significantly. FiveThirtyEight’s data from September 11 still shows Harris leading Trump by 2.6 percentage points. While Trump has made clear pro-crypto promises, Harris’ stance on cryptocurrency remains unclear, leaving the crypto industry’s long-term market sentiment in anticipation.
For now, however, the market has shown resilience, bouncing back after the debate and continuing to stabilize.
