Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
Bitcoin tumbles on news of Biden's withdrawal from election race

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

Cryptobriefing2024/07/21 20:46
By: Cryptobriefing
BTC-2.60%SOL-5.52%

Key Takeaways

  • President Joe Biden has officially withdrawn from the 2024 Presidential election.
  • Speculation about Vice President Kamala Harris as the potential Democratic nominee increases.

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.

Bitcoin tumbles on news of Biden's withdrawal from election race image 0 Bitcoin tumbles on news of Biden's withdrawal from election race image 1 Source: @JoeBiden

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.

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%.

Bitcoin tumbles on news of Biden's withdrawal from election race image 2 Bitcoin tumbles on news of Biden's withdrawal from election race image 3

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.

Bitcoin tumbles on news of Biden's withdrawal from election race image 4 Bitcoin tumbles on news of Biden's withdrawal from election race image 5

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.

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.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — YB/USDT!
Bitget Announcement2025/10/16 08:00
YBUSDT now launched for futures trading and trading bots
Bitget Announcement2025/10/15 11:07

Trending news

More
1
New spot margin trading pair — YB/USDT!
2
Exclusive Mystery Boxes for BGB holders group–Win random token incentives!

Crypto prices

More
Bitcoin
Bitcoin
BTC
$107,954.05
-2.91%
Ethereum
Ethereum
ETH
$3,858.69
-2.83%
Tether USDt
Tether USDt
USDT
$1
-0.01%
BNB
BNB
BNB
$1,146.49
-1.25%
XRP
XRP
XRP
$2.3
-4.77%
Solana
Solana
SOL
$182.84
-6.20%
USDC
USDC
USDC
$0.9999
+0.01%
TRON
TRON
TRX
$0.3141
-1.17%
Dogecoin
Dogecoin
DOGE
$0.1860
-5.84%
Cardano
Cardano
ADA
$0.6382
-4.50%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter