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

Solana-based meme coin BODEN was down 50% shortly after Biden's historical decision.

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President Joe Biden has officially withdrawn from the 2024 Presidential election.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. <?xml encoding="UTF-8"?>

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 stepping down.

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.

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… pic.twitter.com/x8DnvuImJV

— Joe Biden (@JoeBiden) July 21, 2024

With Biden’s withdrawal, Donald Trump, the Republican nominee, is positioned to capitalize on this development. Trump has consistently promoted a pro-crypto agenda, which may resonate with a significant segment of the electorate interested in crypto and blockchain technology.

According to data from Polymarket, the odds of Kamala Harris winning the election reach 26% while Trump’s 2024 presidential election odds stand at 66%.

In addition to Bitcoin, the PolitiFi coins also saw major volatility in the wake of the news. The Solana-based meme coin Jeo Boden (BODEN) dipped 50% in value within minutes of the news breaking, according to data from CoinGecko.

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