Kamala Wins Debate, Crypto Slides
And CPI comes out this morning, likely impacting markets even more.
TylerD's Market Summary
GM!
Today's top news:
Crypto majors slide 1-3% ahead of CPI; BTC at $56,550
Kamala wins debate according to Polymarket, polls; election market notches even
PayPal and Venmo added support for ENS
Bitgo selected LayerZero as the official interoperability provider for wBTC
Magic Eden rolls out incentives for buying NFTs/Ordinals w/ the ME mobile wallet
🇺🇸 Kamala Harris Wins Last Night's Debate, Markets React
All eyes were on the U.S. Presidential Debate last night between Donald Trump and Kamala Harris.
Millions of dollars were on the line, thanks to the proliferation of prediction markets like Polymarket.
And now the results are in - are markets are reacting.
What Happened?
Kamala Harris won the debate against Donald Trump last night according to various sources, including Polymarket's line, early reaction poll results and leading modelers like Nate Silver.
Watching the debate live, Trump got off to a strong start and Kamala a bit of a weak one. But she was able to goad him into veering away from core issues and going into some of his trademark rants, and those rants did not play well.
Those rants, coupled with poor responses to Jan 6 questions and some very negative closing remarks, likely led to the loss for Trump.
Market Reactions
Polymarket's primary election market has already moved, with Kamala pulling ahead of Trump at 50-49. Notably, Trump lost 4 points on the day, going into the debate at 53-46.
Crypto markets did not love the results, with majors sliding 1-3%.
Stock futures are also down, but were already trending that way tied to important CPI data coming out this morning.
Why It Matters
This was a more important debate for Harris than for Trump.
She has spoken much less in public than Trump, and a poor performance last night likely would have had a big impact.
But she didn't perform poorly, and won the debate by most accounts.
Perhaps even more importantly for Kamala - Taylor Swift came out and endorsed her in the aftermath of the debate, in a statement on Instagram.
In an election this close, decided by swing voters in a handful of states, any major endorsements like that do matter.
Overall, Trump likely hasn't lost much ground post-debate, at least with his base.
The question is - did Kamala gain ground with undecideds?
Early reactions seem to point to yes, but we will have to wait for it to play out in the polls.
Whether the results of the election impact crypto prices remains to be seen.
Many feel like the pro-crypto candidate Trump is much better for Bitcoin and broader crypto, and that the crackdown would continue under Kamala.
Until Kamala shows any signs of veering course from the Biden admin's crackdown, it's hard to argue with that side of the case.
But regardless of who wins, the future of crypto is bright and will prevail.
I wouldn't want to be short headed into Q4...
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
ETH led NFT trading volume with $3.7M on the day; Bitcoin was next with $2.2M, and then Solana with $1.6M
ETH NFT leaders were mostly green up 1-2; Pudgy -1% at 10.5 ETH, BAYC +1% at 12.1 ETH, Azuki -1% at 4.72, Milady +1% at 3.5; Doodles +3% to 2.12 ETH
Ceden Keystone Beaver (+57%) & Egg (+38%) were notable top movers
BTC NFT leaders were mixed; NodeMonkes -4% at 0.124 BTC, Puppets -7% at 0.088 BTC, Quantum Cats +3% at 0.248 and OMB +7% to 0.162
The Runes leaders were also mixed; DOG -5% at $257M mc, RSIC +1% at $59M mc, PUPS -3% to $27M
Solana NFTs were slightly red; Mad Lads -1% at 59.7 SOL, SMB Gen 2 even at 24, DeGods -1% at 25, Claynosaurz -1% to 14.9
BAYC announced the winning design for upcoming ApeCar in collaboration with BMW
VeeFriends partnered with Wonder, including limited edition stickers in each Bellies meal
Kraken and Williams Racing are hosting their second "Rear Wing Takeover" contest, allowing Grid Pass NFT holders to submit digital artwork for a chance to have their designs featured on the rear wing of Williams Racing cars during the U.S. Grand Prix in October 2024
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token or airdrop news from the day:
Magic Eden is rolling out new incentives where users earn $ME + a 50% Diamond Bonus simply for buying NFTs or Ordinals with the ME Wallet mobile app
Bitgo selected LayerZero as the official interoperability provider for wBTC, a $9B asset now available on BNB and Avax with more chains coming soon
Fountain announced a $3.5M seed round raise to build a new web3 operation system to better manager crypto assets and automate DeFi workflows
Catizen shared new airdrop details for its CATI token set to launch on Sept 20, with less than half of the 35.8M players eligible
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are red this morning down 1-3%; BTC -1% at $56,600; ETH -1% at $2,320, SOL -3% at $131
Memecoin majors are more red with DOGE -4%, PEPE -4%, WIF -8%, BONK -5%, MOG +7%
Trump's crypto project World Liberty Financial was called out in a House DeFi hearing on Tuesday as potential for consumer harm, noting some had already been harmed due to Tiffany and Lara Trump's X accounts being hacked
Binance partnered with price data provider CoinMarketCap to incorporate token unlocking and vesting information into its platform
Bonk was announced as a Premium Partner for Bundesliga's Borussia Dortmund soccer team
PayPal and Venmo added support for ENS when sending crypto in a major announcement for ENS
Ethereum-based shooter game 'MetalCore' is launching in the Epic Games store this week
🚀 Memecoin Movers
$CATE (+95,000%, $13M market cap, ETH)
$MAD (+45%, $13M market cap, SOL)
$NEIRO (+19%, $19M market cap, ETH)
$PIXL (+22%, $15M market cap, ETH)
$WIGL (+16%, $10M market cap, ETH)
📈 NFT Floor Price Increase (ETH)
CEDEN Keystone (57%, 0.08 ETH Floor)
Asprey (50%, 3 ETH)
egg (38%, 0.17 ETH)
DeepBlack (35%, 0.57 ETH)
Valhalla (30%, 0.1 ETH)
🗓 Upcoming Mints and Events
Today is a slower day of mints.
Chimpers is back with their Arcadegen drop as the likely highlight.
Other than that, CPI data comes out at 8:30 am ET with potential to impact markets.
See the full list and dive in for more details with Swizzy's daily mint monitor.
CPI date (8:30 a.m. ET)
Fractal Puppets (11:00 a.m. ET)
Bangers (11:00 a.m. ET)
Chimpers - Arcadegen Card (12:00 p.m. ET)
Unhooded (2:11 p.m. ET)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.warner@luckytrader.com.