- Harris and Trump are tied at 49% on Polymarket after the debate, with Harris’ odds rising from 46% and Trump's falling from 52%.
- Bitcoin's price briefly spiked above $58,000 during the debate but fell to around $56,700, currently trading at $56,797.
- Despite the debate's focus, crypto issues were not addressed, and Bitcoin remains a passive observer amid broader market uncertainties.
Donald Trump and Kamala Harris have the same odds on Polymarket, a cryptocurrency-based prediction platform. This came about after the first and probably final presidential debate prior to the election in November. According to Polymarket, which has a $860 million market, both candidates were locked in with a 49% chance of winning.
Notably, this is a substantial change from the previous prediction. On Monday, Trump led with 52%, and Harris had 46% of the vote. The debate included hot-button issues like abortion rights and the Gaza War, but it noticeably omitted crypto.
Bettors Lean Toward Harris Post-Debate
Polymarket bettors appeared to prefer Harris's performance during the debate. Official polls are still pending, but the platform predicted that Harris would win the debate 94% of the time.
On the other hand, Trump was previously thought to have a stronger position in the cryptocurrency space, so this increase in favorability signals a change in public opinion. However, Harris has started interacting with the cryptocurrency industry but has not made a decision yet.
Although the debate did not address cryptocurrency-related topics, Presto Research analyst Min Jung noted that the increasing odds in Harris' favor might be seen as less positive for the market. Market players and traders are keeping a close eye on these developments as they consider the possible ramifications for the industry.
Bitcoin Observes But Stays Quiet
Notably, during the course of the political debate, Bitcoin experienced a brief price spike above $58,000 before plunging to $56,700. The Coinmarketcap price page indicates that the price of Bitcoin is $56,423 as of the time of writing this article
Moreover, head of APAC business development at cryptocurrency market maker Keyrock, Justin d'Anethan, observed that Bitcoin acted more like a "dispassionate observer" during the debate. He pointed out that general market trends, influenced by things like inflation and interest rate uncertainty, continue to affect Bitcoin and other risk assets.
Additionally, D'Anethan claims that the debate might have established the tone for the upcoming election, which will probably pit two opposing ideas about the direction of America. However, a significant political or macroeconomic development could act as a catalyst for movement in Bitcoin and the cryptocurrency market as a whole.
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