- Bitcoin has recovered from its post-debate plunge to $57,900
- Many crypto companies also partially recovered as early as the next day
- Among them Coinbase to $157.2, MicroStrategy to $129.30, and others
- MAGA, on the other hand, fell to a record $2.92, and instead of recovering further, it fell to $2.69
Bitcoin experienced a dip after the Harris and Trump debates but bounced back significantly on September 12.
Bitcoin-related stocks suffered the most as they are directly linked to statements made by key political figures.
Details of Crypto Stocks Fall
First of all, it’s worth noting that Coinbase stock was worth ~$157 before the debate, but afterward fell 5.3% to $157 and closed at $157.2.
MicroStrategy fell further to $122 and recovered the next day closing down 0.26% to $129.30, later falling $128.50.
BTC Marathon Digital and Riot Platforms also experienced a post-debate drop recovering to close to 0.94% and 2.07% respectively.
However, Hut 8 was the only company to recover back on the day of the debate, at 1.29% at $10.58, although it had previously fallen to $9.76.
Regarding Bitcoin itself, we saw a drop that also experienced a rebound the very next day. Namely, Bitcoin fell 3.7% after the debate to an intraday low of $55.573 but recovered to $57.900 as early as September 12.
Donald Trump’s meme Coins, on the other hand, was less fortunate, falling from $3.29 to $2.92 immediately after the debate, and never recovered falling further to $2.69 on Sept. 12.
Conclusion
All of this suggests that the politics of the United States are very much affecting crypto, perhaps much more than crypto investors would like.
That being said, the recovery has not been long in coming, which does point to crypto’s sufficient resilience and intrinsic value.
Yes, many are rightly calling this the first crypto election in history, and the eyes of the crypto community around the world are more focused than ever on the U.S. election of 2024.
