2 Crypto Stocks Reacting to the Presidential Debate

Earlier today, Bitcoin dropped to its lowest levels since February

Fernanda Horner

Digital Content Manager

Sep 11, 2024 at 2:52 PM

MSTR
COIN

Vice President Kamala Harris and former President Donald Trump faced off in the first presidential debate yesterday, after which pop star Taylor Swift endorsed Harris. Traders are anticipating a Harris win after the event, with online betting site PredictIt showing bets improving to 56% from 53%.

The news brought the crypto sector, which would likely benefit from Trump's support of the industry should he win the election, back into focus. Below, let's check how MicroStrategy Inc (NASDAQ:MSTR) and Riot Platforms Inc (NASDAQ:RIOT) are responding to last night's standoff.

MSTR is up 0.3% to trade at $129.38 at last glance, paring earlier losses thought it remains firmly below the 20-day moving average. The security dropped to its lowest level since May after facing rejection at the $150 level in August, but still boasts a 104.9% year-to-date lead.

RIOT was last seen down 1.6% to trade at $7.13. A new ceiling appears to be forming at the $7.50 to cap the shares' bounce off their Sept. 6, 52-week low of $6.35, with added pressure also coming from the 20-day trendline. So far in 2024, RIOT has shed 54.1%.

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