2024-09-11 12:03:04
Cryptocurrency stocks took a hit in pre-market trading on Wednesday following the presidential debate between Democratic candidate Kamala Harris and incumbent Republican President Donald Trump.
Trump has positioned himself as a pro-cryptocurrency candidate, promising friendlier regulation for the sector. In July, during a conference in Nashville, Trump said that he wants the United States to be the “crypto capital of the planet” and the “global Bitcoin superpower.”
However, Harris has yet to take an official position on cryptocurrencies during her campaign as a Democratic candidate. Still, his performance in the debate seems to have had an impact on cryptocurrency stocks.
Currently Bitcoin, the largest cryptocurrency, is down about 0.8% in the last 24 hours, while ether is down 1%. This drop suggests that the market may be reacting to the potential regulatory implications of a Harris presidency.
Cryptocurrency mining companies like Riot Platforms (NASDAQ: ), Marathon Digital Holdings (NASDAQ: ) and Hut 8 Mining Corp (HUT) also suffered losses, with shares falling more than 2% in premarket trading on Wednesday. Recorded by Microstrategy, Inc. (MSTR), a software company that has invested heavily in Bitcoin, is down over 3%.
The cryptocurrency market is gaining mainstream appeal, backed by Wall Street institutions and corporate titans like Elon Musk. However, the sector still faces scrutiny from regulators such as the US 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. With the election approaching, investors will be closely watching the campaign and the potential regulatory implications for the industry.
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