Following the first and likely only presidential debate between U.S. Vice President Kamala Harris and former president Donald Trump, the two candidates are now tied on the crypto prediction platform Polymarket. The debate, which covered critical topics like the Gaza war and abortion rights, saw Harris’ odds of winning the November election rise to 49%, matching Trump’s, according to Polymarket’s $860 million market.
Debate Boosts Harris' Odds
Before the debate, Harris had a 46% chance of winning the election, while Trump held 52%. However, Harris’ performance led to her odds increasing, while Trump’s fell. Notably, 94% of Polymarket bettors predicted that Harris won the debate, though the official polling results have yet to be released.
Harris has recently started engaging with the crypto sector, although she has not taken a firm stance. Trump, meanwhile, has been more vocal in supporting cryptocurrencies. Some analysts believe Harris’ rise in Polymarket’s odds could be seen as less favorable for the crypto market due to her unclear position on the issue.
Market Reaction
The debate also affected the cryptocurrency market. Bitcoin briefly surged above $58,000 before the debate but dropped to around $56,700 during the event. Currently, it is trading at $56,797. Experts like Justin d'Anethan, head of business development at Keyrock, noted that Bitcoin acted like a “dispassionate observer,” moving in line with broader economic concerns such as inflation fears and interest rate uncertainty.
PolitiFi Coin Reactions
The debate’s impact was also felt in the market for PolitiFi coins, digital tokens inspired by political figures. For example, the “Super Trump” token (STRUMP) fell by 6.8%, while “Kamala Horris” (KAMA) dipped by 5.7%. This reaction came soon after the debate began at 9 p.m. EST. Peter Chung, head of research at Presto, said the market’s response was due to Harris’ better-than-expected performance.
While these tokens may experience short-term volatility, their long-term performance remains uncertain. The debate has added a new dimension to the political race, with speculators closely watching the impact on the Polymarket odds and crypto markets.
Information source: The Block
