Harris Outperforms Trump in Debate, Shakes Up Crypto and Financial Markets

• Vice President Harris’s strong debate boosts her election odds and impacts crypto markets.
• Bitcoin drops 2% amid concerns of potential policy shifts after the presidential debate.
• Ripple’s Stuart Alderoty urges Harris to reconsider SEC regulations, gaining industry support.

In the recent U.S. presidential debate, Vice President Kamala Harris emerged as the stronger performer against former President Donald Trump. This performance has had a notable impact on political betting markets and the cryptocurrency sector, causing shifts in market dynamics.

The debate’s immediate aftermath saw a marked reaction in the cryptocurrency markets. Bitcoin, the largest cryptocurrency by market capitalization, experienced a sharp decline of over 2%, falling to $56,300.

This drop reflects broader market concerns regarding potential shifts in U.S. policy depending on the election outcome. Other major cryptocurrencies also felt the ripple effect, with Dogecoin witnessing a 4% decrease during the same period.

Political betting markets also responded to Harris’s debate performance. Her perceived probability of winning the upcoming election increased, underscoring her strong showing in the debate. This shift in odds further highlights the potential influence of debate performances on market sentiment.

The debate’s impact extended beyond cryptocurrency, influencing traditional financial markets. The Japanese yen, often considered a safe-haven currency, strengthened significantly against the U.S. dollar, reaching 140.70 yen per dollar.

This appreciation marks the yen’s highest level since January, reflecting investor caution and a move towards safer assets amid political uncertainty.

As the debate unfolds in the political arena, the conversation around cryptocurrency regulation continues to gain traction. Ripple’s Chief Legal Officer, Stuart Alderoty, made headlines by urging Vice President Harris to reconsider the Securities and Exchange Commission’s (SEC) stringent cryptocurrency regulations.

Alderoty emphasized the need for a more supportive regulatory framework to foster innovation and growth within the industry.

Ripple co-founder Chris Larsen publicly endorsed Kamala Harris, signaling strong support from the tech and crypto sectors. Larsen’s endorsement aligns with Harris’s potential policy direction, which could lead to more favorable conditions for the cryptocurrency industry.

This support from influential industry leaders further amplifies the anticipation of regulatory shifts that could benefit the sector.