Following Tuesday's debate, Kamala Harris and Donald Trump now have equal chances of winning the upcoming November election on the Polymarket platform. The situation with cryptocurrencies and political tokens also saw changes.
Odds on Polymarket After Debate
Tuesday night marked the first and likely only presidential debate between Kamala Harris and Donald Trump before the election. Numerous recurring topics, such as the Gaza war and abortion rights, were discussed, though crypto was not mentioned. According to Polymarket, Harris' odds of winning the debate were placed at 94%. Harris' election odds also rose from 46% to 49%, while Trump's fell from 52% to 49%. Crypto analyst Min Jung stated that Harris' rising odds could be seen as less favorable for the crypto market.
Bitcoin's Reaction to the Debate
Bitcoin briefly rose above the $58,000 mark in the hours leading up to the debate but fell to lows of $56,700 during the event. As of this article, bitcoin is trading at $56,797. Justin d'Anethan, head of APAC business development for crypto market maker Keyrock, noted that bitcoin was more of a 'dispassionate observer' during the debate. D'Anethan believes bitcoin is awaiting more concrete news, whether from the macroeconomic front or the political arena.
Changes in PolitiFi Coin Prices
PolitiFi coins associated with Trump and Harris saw sharp drops following the debate. The Super Trump (STRUMP) coin, with a market cap of $13.8 million, fell 6.8%, while Kamala Horris (KAMA) dropped 5.7%. The MAGA (TRUMP) coin also decreased by 0.2%. Peter Chung, head of research at Presto, noted that this change indicates the market's reactive nature to Harris' performance. Justin d'Anethan added that PolitiFi coins could experience volatility due to the debate and social media activity.
In conclusion, the presidential debate led to significant changes in the crypto market and on Polymarket's platform. The equal odds for Harris and Trump create an intriguing narrative for the upcoming election.
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