United States President Joe Biden has officially announced that he will not seek re-election, confirming weeks of speculation. The US political arena entered turmoil after many leaders of the Democratic Party withdrew their support for Biden. Meanwhile, the cryptocurrencies also reacted to the developments.
Joe Biden announced that he is withdrawing from the election race
Many things have changed for the 46th US President Joe Biden in the last 3 and a half years. Biden entered the White House by defeating Donald Trump in a disputed election, but his health has since deteriorated. This raised concerns about his suitability for the leadership role. However, his recent election debate with Donald Trump made this situation worse. His performance was considered poor by many and caused concern in the Democratic Party’s camp. Although Biden did not fully explain the reasons for the withdrawal, the crypto world followed this news with great interest.
Who could be the new candidate of the Democrats?
Mike Novogratz, CEO of Galaxy Digital, predicted in a statement on Friday that the US President would withdraw from the race within 72 hours. Biden’s statement coincided with Novogratz’s predictions. Speculation about Biden’s withdrawal as the Democratic Party’s nominee has also sparked talk about potential successors. Hillary Clinton and Vice President Kamala Harris were among the most talked about names for leadership roles. One columnist noted that Clinton’s resume, knowledge and depth of past experience are seen as tools she can use to transform the American economy.
According to the author, Clinton’s time as United States Secretary of State and U.S. Senator, as well as her work as First Lady and Children’s Defense Fund advocate, demonstrated her leadership abilities. However, to the disappointment of many, Biden supported Vice President Harris as the Democratic Party’s nominee in the 2024 presidential race. BitMEX CEO Arthur Hayes suggested that Harris replacing Biden would mean tough competition for Trump. According to him, the Republican candidate’s chances of winning this election may gradually decrease. However, many people disagree with him. They think nothing can stop Trump from becoming President of the United States.
How were cryptocurrencies affected by this situation?
The political scene in the US continues to greatly influence the price of Bitcoin. After the failed assassination attempt on Donald Trump last week, the news that his rival Biden had ended his campaign shook the markets. However, the cryptocurrency quickly recovered, returning to the $67,000 level almost immediately. Biden’s decision immediately affected the price of Bitcoin, with the price of BTC falling from $67,500 to $65,750 in a matter of minutes. However, the asset quickly recovered and now stands near $67,000 again. As we reported as Kriptokoin.com, following last week’s assassination attempt on Trump, the price of BTC rose rapidly and had a positive impact on the markets as Trump was referred to as the “crypto candidate”.
As a result, cryptocurrencies’ prices showed a general upward trend, with Bitcoin (BTC) near the $68,000 level and Ethereum (ETH) exceeding $3,500. Solana (SOL), XRP and meme coins also made significant gains. Global crypto market capitalization increased by 0.98% to $2.48 trillion, and total market volume increased by 37.62% to $69.12 billion. SOL increased by 4.63% to $181.64, XRP increased by 0.42% to $0.5949, DOGE increased by 6.52% to $0.1412, and SHIB increased by 0.38% to $0.00001809. Helium (HNT), Celestia (TIA), Avalanche (AVAX) and Core (CORE) were among the top gainers.
To stay up-to-date with the breaking news, follow us on Twitter, Facebook, and Instagram. Join our Telegram and YouTube channel
Yazının devamı için Biden Quits the Elections: How Did Cryptocurrencies React?