Bitcoin, other cryptocurrencies decline following Trump, Harris fail to offer vows in debate
Date
9/12/2024 4:22:41 AM
(MENAFN) On Wednesday, Bitcoin and other CryptoCurrencies experienced a decline, a day after the initial debate between US presidential candidates failed to generate enthusiasm among crypto supporters. In the debate held on Tuesday, former President Donald Trump, the Republican nominee, faced Vice President Kamala Harris, the Democratic candidate. Despite the high stakes, neither candidate presented new commitments or endorsements related to cryptocurrency policies, which left crypto enthusiasts unimpressed.
As of 9:24 AM EDT (13:24 GMT) on Wednesday, Bitcoin, the leading cryptocurrency, was trading just above USD57,000. This was a rebound from a low of USD56,200 that it had touched earlier following the debate. Ethereum, the second-largest cryptocurrency by market capitalization, was valued at USD2,340, having dropped to USD2,310 at some points during the day. The overall value of the cryptocurrency market stood at USD2 trillion, reflecting a modest daily loss of 0.1 percent. Bitcoin's market dominance was reported at 56.1 percent, while Ethereum's share was at 14 percent, according to CoinMarketCap.
Bitcoin had previously surged to a peak of USD69,992 on July 29, just days after Trump announced his ambitious plan to transform the US into "the crypto capital of the planet" and a leading Bitcoin superpower. This optimistic outlook had fueled significant gains in the cryptocurrency market. However, the bullish trend was short-lived as global recession fears emerged, causing a sharp decline in cryptocurrency values starting August 1.
The recent downturn in the cryptocurrency market highlights the volatile nature of digital assets and their sensitivity to broader economic and political developments. Despite the recent drop, the crypto market remains a significant player in the financial landscape, with ongoing interest from both investors and policymakers.
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