Crypto stocks saw a decline in pre-market trading on Wednesday following the presidential debate between Democratic nominee Kamala Harris and current Republican President Donald Trump.
Trump has positioned himself as a pro-cryptocurrency candidate, promising a more cryptocurrency industry-friendly regulation. In July, during a conference in Nashville, Trump said he wanted the United States to become the “cryptocurrency capital of the world” and the “global superpower in the Bitcoin space.”
However, Harris has not taken an official position on cryptocurrencies during her campaign as a Democratic candidate yet. However, its performance in the debate seems to have weighed on cryptocurrency stocks.
Bitcoin, the largest cryptocurrency, fell 0.8% in the past 24 hours, while ether fell 1%. This decline suggests that the market may react to the potential regulatory implications of Harris’ presidency.
Cryptocurrency mining companies, such as Riot Platforms (RIOT), Marathon Digital Holdings (MARA) and Hut 8 Mining Corp (HUT), also saw losses, with their shares falling more than 2% in pre-market trading on Wednesday. Microstrategy, Inc. (MSTR), a software company that invested heavily in Bitcoin, saw a decline of more than 3%.
The cryptocurrency market has gained traction in the mainstream, with support from Wall Street institutions and corporate giants such as Elon Musk. However, the industry continues to face scrutiny from regulators such as the U.S. Securities and Exchange Commission, which has accused it of violating securities laws.
The presidential debate highlights the potential impact of political developments on the cryptocurrency market. As the election approaches, investors will be keeping a close eye on the campaign and potential regulatory implications for the industry.
This article was created and translated with AI support and reviewed by an editor. For more information, see our Terms and Conditions.
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