Bitcoin price drops following Biden’s decision to withdraw from presidential race
Bitcoin experienced a sharp decline to $65,800 on Binance following the announcement that President Joe Biden would not seek re-election in 2024. However, the cryptocurrency has since rebounded to over $67,000, marking a 12% increase over the past week.
President Biden’s decision to withdraw from the 2024 presidential race was disclosed in a statement dated July 21, where he did not elaborate on the reasons behind his choice to end his bid for the upcoming election.
The move by President Biden comes amidst mounting pressure from within the Democratic Party and concerns regarding his age and suitability for another term, particularly after a challenging debate performance against Donald Trump.
In his statement, President Biden emphasized that stepping aside from the 2024 race would be beneficial for both the party and the nation, allowing him to concentrate on his current presidential obligations.
Following his announcement, President Biden endorsed Vice President Kamala Harris as his potential successor. The odds of Kamala Harris winning the election are at 26%, while Donald Trump’s chances stand at 66%, according to data from Polymarket.
With President Biden’s withdrawal, Donald Trump is poised to leverage this development. Trump has consistently advocated for a pro-crypto agenda, which may resonate with a significant portion of the electorate interested in cryptocurrency and blockchain technology.
Vice President Kamala Harris’s stance on crypto remains unknown as she has not publicly discussed the topic. Bitcoin’s price exhibited volatility post-Biden’s announcement, reaching a high of $67,500 before dropping below $66,000. It has since recovered and is currently trading at $67,300.
In addition to Bitcoin, PolitiFi coins also experienced significant price fluctuations. The Solana-based meme coin Jeo Boden (BODEN) saw a 60% decline in value within minutes of the news, as per data from CoinGecko.
The cryptocurrency market continues to react to the unfolding political landscape, with investors closely monitoring developments in the aftermath of President Biden’s decision not to seek re-election in 2024.
