Joe Biden Throws in the Towel – Bitcoin Surpasses $68,000

The race for the presidency of the United States has just experienced a major twist with the announcement of Joe Biden’s withdrawal. This unexpected decision could redefine electoral dynamics and have significant repercussions on the crypto market, especially on bitcoin.

Change of Course at the White House

After weeks of speculation, President Joe Biden officially announced his withdrawal from the Democratic primaries. He justified his decision by stating that it was “in the best interest of my party and the country.” This statement follows growing questions about his health after a battle with COVID and increasing calls from influential members of his party asking him to step aside.

Biden has now decided to support Vice President Kamala Harris as a candidate to face Donald Trump. His announcement was quickly followed by public support from Hillary Clinton, who emphasized the need for unity around Harris. However, some political analysts suggest that it is still possible for other Democratic candidates to run, which could shake up the race dynamics.

Impact of the Announcement on Bitcoin

The announcement of Joe Biden’s withdrawal triggered an immediate reaction in the crypto market. Within minutes, the price of bitcoin dropped by nearly $2,000, from over $67,500 to about $65,750. However, the crypto asset quickly regained most of its losses, stabilizing around $67,000 before surpassing $68,000. Currently, bitcoin is trading at around $67,800.

With Biden now out of the race, Kamala Harris has become the main Democratic candidate, supported by Hillary Clinton. However, Harris has yet to express a clear public stance on cryptos, leaving investors in uncertainty.

Bookmakers now give Harris more favorable odds compared to Trump. His chances have dropped from 70% to 64% after Biden’s announcement. Harris even leads Trump by a point in bets on the popular vote winner. However, the real impact on the crypto industry will depend on the position Harris adopts on this issue if she is elected.