Bitcoin plummets $2K in minutes after Biden’s withdrawal
In a dramatic turn of events, President Joe Biden announced his withdrawal from the 2024 presidential race, stating it was in the best interest of his party and the country. This decision follows reports of his recent Covid-19 diagnosis and concerns about his health.
And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling the duties as President for the remainder of my term
Joe Biden
Biden’s withdrawal from the race has not only reshaped the political landscape but also significantly influenced the cryptocurrency market, setting the stage for potential further gains in Bitcoin, especially with Trump’s pro-crypto stance.
Immediate impact on Bitcoin
The announcement immediately and significantly impacted the cryptocurrency markets, particularly Bitcoin. Initially, Bitcoin experienced a sharp drop from $67,500 to $65,750 following Biden’s statement. However, the digital currency quickly rebounded, soaring past the $68,000 mark, a level not seen in the past month.
Political landscape and market reaction
The cryptocurrency market has been notably responsive to recent political developments in the United States. Just last weekend, Bitcoin’s price surged following an assassination attempt on former President Donald Trump, who has emerged as a strong supporter of the crypto industry. Trump’s survival and his subsequent remarks advocating for Bitcoin production in the U.S. bolstered the digital currency’s value.
Future projections
Standard Chartered analysts have identified the upcoming U.S. presidential election as a crucial catalyst for Bitcoin’s price movement. They suggest that a Trump victory could propel Bitcoin’s value to as high as $150,000 by the end of the year. The market’s rapid response to Biden’s withdrawal underscores the significant influence of political events on cryptocurrency valuations.
Bitcoin’s recent performance
- Pre-announcement: Bitcoin reached $67,000, the highest in a month.
- Post-announcement dip: Dropped to $65,750.
- Recovery and surge: Quickly rebounded, exceeding $68,000.
Trump’s crypto endorsement
Former President Trump’s endorsement of the crypto industry and his comments on producing Bitcoin domestically have provided a bullish outlook for the cryptocurrency. As Biden steps down, the possibility of Trump winning the presidency has invigorated market optimism, reflecting in Bitcoin’s price movements.
