Trump vs Harris Debate Ends in Tie with Crypto Left Out

The debate between U.S. Vice President Kamala Harris and former President Donald Trump, hosted by ABC News, concluded with no clear winner and with no mention at all of Bitcoin and cryptocurrency.

According to Polymarket data, the 90-minute debate apparently ended in a tie with 49% support for each candidate. The event began with a polite handshake and then quickly escalated into an intense exchange on various policy issues.

At the start of the debate, the poll showed that Trump had 52% support as the favored candidate to win the upcoming presidential election. By the end of the event, this figure dropped, bringing both candidates to a tie. A related Polymarket poll also indicated that 98% of participants believed Harris performed better during the debate.

Cryptocurrency, a major point of interest in the current election cycle, was notably absent from the discussion. This comes amid the growing influence of crypto-backed Super Political Action Committees (Super PACs) which have become prominent in recent months. These PACs have collectively raised over $202 million, with the largest contribution of $177.8 million reportedly given to Fairshake. Fairshake has been actively involved in the pre-election phase, spending approximately $70 million on ads that target Democratic congressional candidates.

The debate’s outcome appeared to have influenced the market for political meme tokens. Tokens linked to Harris increased, while those associated with Trump declined. Major cryptocurrencies like Bitcoin and Ether experienced marginal declines during the same period.

Bitcoin experienced a brief surge, surpassing the $58,000 level before the discussion took place, and maintained its strong position for a while. However, during the debate, its value fell to approximately $56,700.

Justin d’Anethan, who leads APAC business development at the cryptocurrency market maker Keyrock, mentioned that Bitcoin remained somewhat detached as the debate went on. He observed that the cryptocurrency sector is observing the developments without a significant immediate response. D’Anethan added that Bitcoin is still acting like any other asset subject to market risks, its performance mirroring that of technology stocks and growth shares as it navigates through a mix of concerns over inflation, ambiguity in interest rates, and international political unrest.

During the debate, Trump emphasized his economic record, claiming that “80-90% of Americans thought the economy was better under him.” However, YouGov/CBS News polls show that 65% of Americans believe the economy was strong during his presidency.

Economic policies were a central theme. Harris emphasized her commitment to the middle class, stating, “I’m a middle-class kid,” and promised tax cuts for families and deductions for small businesses. She accused Trump of being the “billionaire’s buddy” and prioritizing the wealthy elite over ordinary Americans.

Trump defended his record, arguing that his policies had been more beneficial for the broader population. He countered Harris’ statements by highlighting what he described as strong economic performance during his time in office. Both candidates used the debate to outline their contrasting visions on economic issues, seeking to appeal to a wide range of voters as the election nears.

The debate itself is undoubtedly a significant moment, setting the tone for the likely battle between two different visions of America’s future,” d’Anethan noted.

“Bitcoin seems to be waiting for a catalyst — a jolt from either the macroeconomic front, like an unexpected change in Fed policy, or something seismic from the political arena, such as a scandal or a surprising turn in election polling,” he said.

At the time of writing, Bitcoin is trading at $56,526, per Coinmarketcap.

Lawrence does not hold any crypto asset. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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