President Joe Biden’s exit from the 2024 presidential race caused a temporary spike in Bitcoin’s price, although it also introduced more uncertainty into the crypto market.
On July 21, Biden announced he was stepping down from the presidential race, which initially led to a slight dip in Bitcoin’s price. However, Bitcoin then experienced a rebound, climbing nearly 1.5% that same day to reach a peak of $68,364, according to Bitstamp data.
The initial drop in Bitcoin’s price was a short-term reaction to the market’s uncertainty, said Bitfinex analysts. They explained to WEB30NEWS:
“Bitcoin fell by 3% right after Biden’s announcement, but quickly recovered. This drop was a knee-jerk response to the sudden uncertainty. By Monday morning, Bitcoin had risen by 0.9% in the past 24 hours, approaching $68,000, which is close to its all-time high of $73,666 from March.”
The results of the U.S. elections could have major effects on the global crypto industry and impact regulations in other regions.
Analysts also mentioned that Biden’s exit might be viewed as “neutral to slightly negative in the short term” due to the unpredictability surrounding potential policy shifts.
Summary Review: President Biden’s withdrawal from the 2024 presidential race caused a brief surge in Bitcoin’s price, highlighting the volatile nature of the crypto market. While the price of Bitcoin briefly spiked to $68,364, the uncertainty surrounding the future political landscape has led to mixed reactions from investors. The short-term impact of Biden’s exit may be seen as neutral to slightly negative due to the potential for policy changes, which could influence both the U.S. and global crypto markets.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
