Crypto-linked stocks fall after U.S. presidential debate

Crypto-linked stocks fell during the U.S. premarket trading hours as the prospects of crypto-friendly Republican nominee Donald Trump winning the election slid after the presidential debate. U.S. Vice President Kamala Harris and former President Donald Trump faced off in a highly anticipated debate on Tuesday. Bitcoin ( BTC-USD ) was down 1.2% to $56.3K as at 6:50 am ET. Former President Trump has shown commitment to championing Bitcoin ( BTC-USD ), including considering designating it as a strategic asset under government stewardship . After the presidential debate, the odds of a Harris win rose, leading to a slide in BTC prices. "Bitcoin, which is seen as a Trump trade, has fallen -2.5% since the start of the debate. So the market for now seems to have some agreement with the probabilities above as to how the debate went," Deutsche Bank's Jim Reid said. The world's oldest digital currency's move is similar to the broader U.S. market, with the stock index futures down in the run-up to the August retail inflation report. Crypto-focused stocks were in a sea of red at the time of writing, with MicroStrategy ( MSTR ) -3.7% , Coinbase ( COIN ) -2.8% , Riot Platforms ( RIOT ) -2.6% , Marathon Digital ( MARA ) -3.4%, Bit Digital ( BTBT ) -2.1% and Greenidge Generation ( GREE ) -6.6% . Dear readers: We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion. More on Bitcoin USD Bitcoin Eyeing A Deeper Reversal As ETF Outflows Continue Bitcoin's 2024 Bull Run Waiting On A 6-Week Window And The Coppock Curve Bitcoin's Long Road To Nowhere More crypto legislation equals greater capital flows – Coinbase Global’s CEO Crypto names drop, Argentine banks shine again in week's financial stocks roundup