Market Update 11th September 2024
By Manoj Dharra
Cryptocurrency markets took a downturn on Wednesday following a heated U.S. presidential debate where Democratic candidate Kamala Harris put her Republican rival, Donald Trump, on the defensive. The decline comes as investors refrained from making bullish bets ahead of the release of U.S. consumer price data, which is expected to guide the future trajectory of interest rates.
Bitcoin, the world’s largest cryptocurrency, fell by 0.40%, while Ether declined by 0.76% amid market uncertainty. While the debate did not directly address cryptocurrencies, it has shifted market sentiment in favor of Harris, creating a less optimistic outlook for Bitcoin compared to Trump’s previous projections at the Bitcoin 2024 Conference.
PredictIt, an online betting site, reported an increase in Harris’s odds of winning, up from 53% to 56%, while Trump’s chances fell from 52% to 48%. Trump, who had positioned himself as a pro-Bitcoin candidate, had promised friendlier regulation for the industry, stating, “Never sell your bitcoin,” during a July conference aimed at courting crypto supporters.
However, market participants appear cautious, awaiting further economic indicators to gauge the impact of political developments on the crypto landscape.
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