Key Takeaways from President Joe Biden’s Withdrawal from 2024 Presidential Election
The cryptocurrency market experienced a rollercoaster ride as Bitcoin prices plummeted to $65,800 on Binance following the surprising announcement that US President Joe Biden will not seek re-election in 2024. However, the leading digital asset quickly rebounded to over $67,000, marking a 12% increase over the past week.
President Biden’s decision to withdraw from the upcoming election has sparked speculation about Vice President Kamala Harris potentially becoming the Democratic nominee. Biden cited unspecified reasons for his withdrawal, including pressure from within the party and concerns about his age and fitness for another term.
In a statement, Biden endorsed Harris as his successor, leading to a surge in her odds of winning the election to 26%, while former President Donald Trump’s odds stand at 66%. Trump, known for his pro-crypto stance, is expected to capitalize on Biden’s withdrawal, appealing to voters interested in blockchain technology.
The cryptocurrency market reacted to the news, with Bitcoin’s price fluctuating between $66,000 and $67,500. Additionally, PolitiFi coins like the Solana-based meme coin Jeo Boden (BODEN) experienced a 60% drop in value within minutes of the announcement.
As the political landscape continues to evolve, all eyes are on Vice President Harris and the potential impact of Biden’s withdrawal on the upcoming election. Stay tuned for more updates on this developing story.