The just-concluded U.S. presidential debate has shaken up stock futures markets, even in Asia. The shake-up resulted in crypto price changes extending to Bitcoin, Dogecoin, Trump-themed, and Harris-themed tokens. While most crypto price changes were negative, the Harris-themed tokens gained significantly.
Global markets were significantly affected by the recent developments in the U.S. political scene. The changes extended to cryptocurrencies, which experienced a significant plunge. The downturn mainly affected the U.S. and Asia, with cryptos such as Bitcoin, Dogecoin, and other Trump-themed tokens dropping after the second presidential debate concluded.
Major shifts impact the global financial market
Bitcoin (BTC) prices dipped by over 1.5% after the recently concluded U.S. presidential debate. According to data from CoinmarketCap, the price of Bitcoin fell to $55,950. Dogecoin (DOGE) also experienced a significant change, with a negative 1.79% price change in the last 24 hours.
According to CoinGecko, the PolitiFi category market cap dropped to $$544,384,246, representing a 7.6%change. In particular, the Trump-themed cryptos led the list of PolitiFi tokens that took a massive hit in the last 24 hours. The Trump-themed Political Finance (PolitiFi) tokens themed around Trump, such as the Doland Tremp (TREMP) token on Solana, went down 25.52%, the MAGA Hat (MAGA) token was down 19%, and the MAGA (TRUMP) token dropped by 12.3% On the other hand, the Kamala Horris’ (KAMA) token went up by 6.3%.
The anti-risk Japanese yen strengthened to 140.70 per U.S. dollar in the traditional market. The Yen appreciated beyond the 141.68 level of August after the Bank of Japan hiked interest rates for the first time in decades. On the other hand, futures tied to the S&P 500 lost 0.4%, and Chinese stocks fell to a seven-month low. The changes to these losses reflect the public sentiment on topics discussed during the U.S presidential debate.
US debate drives shifts in the crypto markets, impacting Bitcoin and Altcoins
The political scene was a key element influencing the reported market shifts. The losses made by the Trump-themed PolitiFi tokens are directly linked to the public’s perception of the performance of the two candidates in the recently concluded presidential debate. According to Polymarket betting, Kamala Harris outperformed her Republican opponent and is set to win the debate. This notion is further solidified by the performance of the Kamala Horris’ (KAMA) token as the Trump-themed tokens took a plunge.
“They aren’t gonna have higher prices what’s gonna have and who’s gonna have higher prices is China and all of the countries that have been ripping us off for years.”
–Donald Trump– Republican candidate in the 2024 US presidential election
Similarly, the changes to the S&P 500 and Chinese stocks can also be tied to the debate. During the second presidential debate, Trump notably defended trade tariffs, stating that the tariffs would prevent U.S consumers from being affected by higher prices.
Source: https://www.cryptopolitan.com/bitcoin-stumbles-and-yen-gains/