Bitcoin Experiences High Volatility After Biden Dropped Out of Presidential Race
Joe Biden, the current president of the United States, declared that he will not be running for re-election in 2024.
It seems that after the news of Biden’s withdrawal , the crypto market is reacting – the price of Bitcoin surprisingly dropped below $66,000 after achieving significant gains in the past few days.
Despite this 2% drop in the past hour, the flagship cryptocurrency resurfaced at $67,100 at the time of writing with a trading volume of $20.8 billion.
MAGA (TRUMP), the altcoin related to the previous US president Donald Trump, also dropped by 3%, but immediately recovered, currently trading at $7.7.
READ MORE:
JUST IN: Here is Who Might Take Biden’s Stead in the Presidential RaceIn the past 24 hours the total market cap of cryptocurrencies dropped by 1.74% to $2.41 trillion
This reaction seems rather strange as Biden stepping down was expected ever since he was diagnosed with Covid and he was going to step down from his public appearances and rallys.
It was obvious to many that the current US president will drop out of the 2024 race. Additionally, the pro-crypto republican voters should have been happy with this news, as Donald Trump’s odds will most likely skyrocket.
Nevertheless, despite this immediate price reaction, the prices recovererd in no time.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Big Tech stocks extend rally on Chinese tariff pause
Even with an uncertain outlook thanks to tariffs, Big Tech executives are still ramping up their AI investments
SOL is up and memes are back
Bridge flows churn in both directions as risk appetite returns
Ethereum Rises, Bitcoin Stable: Upcoming Cryptocurrency Trends Unveiled
Examining OBV Slump and Bitcoin's Dip: Predicting the Next Turn in Cryptocurrency Market
Expert Predicts Sui Could Emulate Solana’s Meteoric Rise
In Brief Kaleo identifies Sui's market behavior as akin to Solana's past rise. Sui, Dogecoin, and Bitcoin show potential for significant growth. Social media influence could drive Dogecoin prices upward.
Crypto prices
More
