The global crypto market capitalization is down by -1.98% and currently stands at $2.08 trillion in value. In 24 hours, the crypto market tanked in value to $41.18 billion as confusion and angst about crypto’s future took over the market.
Yesterday, on September 10th, the first presidential debate of the 2024 U.S. elections brought investors and traders into a nail-biting situation as they anxiously awaited to know the crypto industry’s future. However, neither former President Donald Trump nor current Vice President Kamala Harris, the two contestants of the upcoming election, said anything about crypto, leaving crypto enthusiasts in the dark.
The 90-minute debate, which covered a wide range of topics from taxes to “eating the dogs and cats,” failed to mention anything about cryptocurrencies. Trump, who recently supported crypto and accepted Bitcoin donations, also continued to keep a stoic silence when it came to cryptocurrencies.
After the debate, Trump’s chances of winning tumbled by 3% on Polymarket, a blockchain-based online betting platform. Currently, Donald Trump has 50% odds of winning, while Kamala Harris’s odds have risen to 49%, just one percentage of the difference in their positions.
Before the debate, Trump was leading the Polymarket bet. However, this may have changed after Trump appeared frantic and flustered during the debate at the National Constitution Center.
The crypto community’s collective morale has plummeted due to the absence of a candidate with a strong stance on the booming crypto industry and any clear-cut policy from either of the contesting parties. This has led to a cautious and critical approach towards the crypto market, increasing the likelihood of a market cap collapse as Election Day approaches.
The event does move in the rearview mirror as of now, with market players shifting their attention to something close at hand—the Consumer Price Index data. Investors are anxiously swaying on their seats, as they expect the 2.9% inflation rate to come down to a 2.55% reading in the new CPI report due for release this evening. Now, with the new reports, the crypto market, along with the entire global financial market’s fate, is on the line.