Bitcoin tumbles on news of Biden's withdrawal from election race

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Bitcoin prices fell as low as $65,800 on Binance after news broke that US President Joe Biden would not be running for re-election in 2024. At the time of reporting, BTC has recovered above $67,000, up 12% over the past week.

In a statement dated July 21, Biden said he would withdraw from the 2024 presidential election. The President did not specify his reasons for ending his 2024 bid.

Biden’s move comes after increasing pressure from within the Democratic Party and concerns regarding his age and fitness for another term, particularly following a challenging debate performance against Donald Trump.

In his statement, the President expressed that it was in the best interest of both the party and the country for him to step aside and focus on his current presidential duties.

Following his announcement that he would not run for re-election, President Joe Biden endorsed Vice President Kamala Harris as his successor.

My fellow Democrats, I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term. My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. And it’s been the best… pic.twitter.com/x8DnvuImJV

— Joe Biden (@JoeBiden) July 21, 2024

According to data from Polymarket, the odds of Kamala Harris winning the election reach 26% while Donald Trump’s 2024 presidential election odds stand at 66%.

With Biden’s withdrawal, Trump is positioned to capitalize on this development. The Republican nominee has consistently promoted a pro-crypto agenda, which may resonate with a significant segment of the electorate interested in crypto and blockchain technology.

Meanwhile, there is no information regarding Harris’ stance on crypto, as she has never discussed it.

Bitcoin’s price has been volatile in the wake of Biden’s withdrawal. After hitting a high of $67,500 on Sunday, the crypto plunged to below $66,000, CoinGecko’s data shows. However, it has managed to regain some ground, currently trading at $67,300.

In addition to Bitcoin, PolitiFi coins also experienced significant volatility. The Solana-based meme coin Jeo Boden (BODEN) dipped 60% in value within minutes of the announcement, according to data from CoinGecko.

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