Stocks of cryptocurrency companies are trending lower as the betting odds rise that Democratic presidential candidate Kamala Harris will win the White House this November.
Several media outlets and political pundits are claiming that Harris won a combative presidential debate held on Sept. 10 against her Republican rival Donald Trump.
As a result, online betting site PredictIt has raised the odds that Harris will win the presidency this fall to 56% from 53% before the debate. Trump's chances of victory have fallen to 48% from 52%.
That is apparently bad news for crypto and crypto-related stocks. Trump has positioned himself as the pro-Bitcoin (BTC) candidate in the election race.
Trump spoke at a major Bitcoin conference in July and promised friendlier regulation for the industry, while also claiming that Harris will impose new regulations on digital assets.
Bitcoin, the biggest cryptocurrency by market capitalization, is down 1.65% after the presidential debate, while Ethereum’s price has declined 2%.
Crypto miners Riot Platforms (RIOT) and Marathon Digital (MARA) are each down about 3% following the debate, while shares of MicroStrategy (MSTR) and crypto exchange Coinbase Global (COIN) are also down.
Some analysts claim that cryptocurrencies are serving as an indicator of which candidate is winning in the closely contested U.S. presidential race.
