Bitcoin’s price took a tumble on Sunday after President Biden announced he’s bowing out of the 2024 presidential race. The news sent BTC plummeting from $67,453 to $65,884 in a matter of seconds. It eventually recovered slightly, settling around $66,893.
This latest price swing comes after a recent rally fueled by former President Trump’s support for the crypto industry. Trump has publicly stated he wants to see Bitcoin “made in America.”
Biden’s decision to endorse Vice President Kamala Harris as his successor has added another layer of uncertainty to the crypto market. Harris has yet to make any public statements about Bitcoin or cryptocurrencies.
Biden’s withdrawal follows concerns about his mental fitness after a poor performance in a recent debate. A group of 37 Democratic members of Congress had publicly called for Biden to step aside before the announcement.
In his statement, Biden said: “My fellow Democrats, I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term. My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. And it’s been the best decision I’ve made. Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year. Democrats — it’s time to come together and beat Trump. Let’s do this.”
It remains to be seen how Harris’s potential presidency will impact the crypto market.
Her stance on cryptocurrencies is currently unknown. /p>
