Today is Wednesday, September 11th, and I'm Jen Sasi, your host, and I'm Markets Daily. In this show, we navigate the currents that shape the cryptocurrency market and provide insights into the broader financial landscape. Whether you're actively trading or simply fascinated by volatility, that's the cryptocurrency market. This show is your compass to understand where we are and where we're going. Good morning, everyone. This is not a good morning for Bitcoin or crypto assets because this morning, crypto stocks and crypto miners, Riot Platform, Digital Marathon, Hot Eight, MicroStrategy, Coinbase Global, and more are all in the red. So what is influencing this decline? Well, it's a combination of a number of factors, but one particularly important factor is what everyone's talking about this morning, the debate between Donald Trump and Kamala Harris that took place last night. Now, this debate did not inspire confidence in the market. Instead, it seems to have increased investor anxiety. Now, why are we seeing this reaction to this debate? So let’s take a closer look. Cryptocurrency markets are very sensitive to broader economic and political uncertainty when significant political events occur and no clear direction or resolution is given. This can lead to increased volatility. Investors tend to react by moving assets into what are perceived as safer havens, such as gold or possibly the Japanese Yen. Now, you’ll remember we’ve talked about this on the show. The Yen has been strong lately. The risk-averse asset rose to $100 per dollar, to $4,070, its highest price since January. You’ll remember that in late July, the Yen received strong buy orders after the Bank of Japan raised interest rates for the first time in decades, triggering a risk-unwinding of the Yen carry trade. So how do we understand this market reaction? Let’s look at the recent news. Bernstein recently predicted that the price of Bitcoin could reach $90,000 if former President Donald Trump wins the election. He also said that Bitcoin could fall to $30,000 if Vice President Kamala Harris wins. The research and brokerage firm's analyst added that Bitcoin is Trump's trademark and the outcome of the US presidential election could decide the fate of the industry. Now, I think the market will react on who the winner of the US presidential election will be, but I don't think that will decide the fate of the industry. I think that's a bit of an exaggeration. It takes a lot more to get clear regulations and policies than presidential candidates promise during the election. AI and quantum computing were topics in last night's debate, but neither candidate actually said anything about cryptocurrency. Bernstein's analyst said that the cryptocurrency industry has received a warmer welcome from the Trump side. You'll remember that Donald Trump attended the Bitcoin conference in Nashville earlier this year, where he has launched several NFD projects and is also said to have a decentralized finance project in the works. Meanwhile, Kamala Harris hasn't said much about her stance on cryptocurrency. But some industry leaders have said that there have been discussions between the Harris camp and industry leaders to better understand cryptocurrency and everything that's going on in the space. After last night's debate, the polling market is doing well. Yes, I couldn’t help but mention the poll market. It may be a bit tiresome, but you have to look at the poll market every time something election-related happens. You have to. Trump and Harris are tied at 49% chance of winning the election each. Polls have declared Harris the winner of the debate, but as a result, Trump-themed tokens are falling, and they plummeted this morning. Trump is down over 11% at the time of recording, while Trim and Mega are both down over 20%, aside from the meme coins. Now, market corrections like this are nothing new, and as I said on the show yesterday, they often represent a buying opportunity for those with a long-term perspective. Politics aside, if you believe in the future of cryptocurrencies and the potential of assets like Bitcoin, it may be worth considering a strategy. The cryptocurrency market is notoriously volatile, and while today’s news may seem bleak, it’s important to keep an eye on the bigger picture. Political events, regulatory news, and broader economic changes will continue to influence market trends as they have in the past. So it’s important to stay informed and calm. And you can do that by watching this show. As always, do your own research before taking any action, consider your own financial situation and risk tolerance, and always consult with a professional. That's all for today's show. Thank you for watching. If you like Markets Daily, please subscribe to the Coin Desk Podcast Network, available on all podcast platforms, and subscribe to our YouTube channel. We don't just have Markets Daily; we have plenty of other videos to keep you up to date on what's going on in the cryptocurrency ecosystem. As always. Thank you for joining me on this journey to gain a deeper understanding of the cryptocurrency market. See you tomorrow.
