US Presidential Debate Trump Vs. Harris Triggers Sell-Off In Crypto

US Presidential Debate Trump Vs. Harris Triggers Sell-Off In Crypto

The Block quoted multiple analysts concluding that "the US presidential debate between Donald Trump and Kamala Harris triggered risk-off sentiment in the cryptocurrency market, leading to a sell-the-news event." Bitfinex analysts stated, "Trump's perceived pro-crypto stance due to his family's ties to DeFi projects and his pledge to fire SEC Chairman Gary Gensler made his potential victory seem favorable to risk assets, particularly crypto." The analysts mentioned that Trump's performance in this debate was widely considered to be much weaker than in his debate with President Joe Biden, with the consensus being that Trump lost. This contributed to the risk-off sentiment in the market following the debate. An analyst at Singapore-based crypto trading firm QCP Capital noted, "In the absence of a clear frontrunner and with both parties taking uncertain stances, traders are likely to become increasingly risk-averse as we get closer to the election." Additionally, Ruslan Lienkha, a market analyst at crypto platform YouHodler, suggested that "should Kamala Harris prevail, this could add further downward pressure on crypto prices, as a Democrat government is generally seen as less favorable to crypto market participants."