Analysis: "Trump-Harris US Presidential Debate Triggers Risk Aversion"

According to multiple analysts cited by Doubleblock, the debate between US presidential candidates Donald Trump and Kamala Harris triggered a risk-averse sentiment in the cryptocurrency market, leading to a "sell-the-news" event. Analysts at Bitfinex noted that Trump's pro-cryptocurrency stance, given his family's connections to DeFi projects and his promise to fire SEC chairman Gary Gensler, suggests that a Trump victory would be favorable for risky assets, particularly cryptocurrencies. However, they assessed that Trump's performance in this debate was far more disappointing compared to his previous debate with President Joe Biden, and most agreed that Trump was defeated. The market has seen an increased risk-averse sentiment following the debate. A cryptocurrency trading firm QCP Capital analyst based in Singapore stated that with no clear frontrunner in the US election and both parties taking ambiguous stances, the likelihood of traders avoiding risky assets will likely grow as the election day approaches. Additionally, Ruslan Lienkha, a market analyst at the cryptocurrency platform YouHodler, predicted that Kamala Harris's strong performance could put additional pressure on cryptocurrency prices, as a Democratic government's regulations may remain relatively unfavorable for cryptocurrency market participants.