Bitcoin Surpassed $58K, Then Fell Below $57K as Trump-Harris Debate Snubbed Crypto

Leading cryptocurrencies erased early gains overnight as the asset class didn't come up for discussion in the high-stakes presidential debate between Donald Trump and Kamala Harris.

Leading cryptocurrencies slipped lower on Thursday evening after Bitcoin and other major digital assets rallied and largely erased early gains following the first presidential debate between Donald Trump and Kamala Harris, which made no mention of cryptocurrencies.

Bitcoin Surged Past $58,000 After Stock Market Trading Hours, But Fell Below $57,000 Overnight As Trump, Harris Debate Failed To Mention Crypto.

What Happened: Bitcoin rallied and surpassed $58,000 after the stock market trading hours. However, the leading cryptocurrency fell below $57,000 overnight as no reference was made in its regards in the presidential debate between Trump and Harris.

In the past 24 hours, 32,814 traders were liquidated, with the total liquidations exceeding $103 million.

Bitcoin’s Open Interest rose by 0.60%, mirroring the flat price trajectory.

The apex coin’s funding rate was negative on leading exchanges like Binance and Bitget, implying the dominance of bearish leveraged positions vis-à-vis bullish one

Market sentiment remained in the "Fear" category, according to the Cryptocurrency Fear & Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency market stood at $2.01 trillion, following a marginal increase of 0.16% in the last 24 hours.

Major stock indices posted a second straight day of gains. The S&P 500 gained 24.47 points, or 0.45%, to end at 5,495.52. The tech-heavy Nasdaq Composite rose 0.84% to close at 17,025.88. The Dow Jones Industrial Average pulled back 0.23% to finish at 40,736.96.

The uptrend was supported by 1.53% gains in shares of Nvidia Corp (NASDAQ:NVDA), as the AI juggernaut rose for the second straight day.

Investors were geared up for the release of key economic reposts later this week, including the consumer price index due on Wednesday, followed by the producer price index on Thursday.

Analyst Notes: Widely followed cryptocurrency analyst Ali highlighted how the estimated leverage ratio across cryptocurrency exchanges has hit its highest level in 2024, an indication that Bitcoin traders were taking high risk.

Prominent cryptocurrency trader Michaël van de Poppe stated that Bitcoin was doing "great" and altcoins are following through.

"We’re at $58K and $56K holds. I’m expecting a lot of positive inflow in the data coming out of this. Good stuff!" Van De Poppe predicted.

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