Joe Biden, the current president of the United States, declared that he will not be running for re-election in 2024.
It seems that after the news of Biden’s withdrawal, the crypto market is reacting – the price of Bitcoin surprisingly dropped below $66,000 after achieving significant gains in the past few days.
Despite this 2% drop in the past hour, the flagship cryptocurrency resurfaced at $67,100 at the time of writing with a trading volume of $20.8 billion.
MAGA (TRUMP), the altcoin related to the previous US president Donald Trump, also dropped by 3%, but immediately recovered, currently trading at $7.7.
In the past 24 hours the total market cap of cryptocurrencies dropped by 1.74% to $2.41 trillion
This reaction seems rather strange as Biden stepping down was expected ever since he was diagnosed with Covid and he was going to step down from his public appearances and rallys.
It was obvious to many that the current US president will drop out of the 2024 race. Additionally, the pro-crypto republican voters should have been happy with this news, as Donald Trump’s odds will most likely skyrocket.
Nevertheless, despite this immediate price reaction, the prices recovererd in no time.
Renowned author and financial educator Robert Kiyosaki has issued a word of caution to everyday investors relying too heavily on exchange-traded funds (ETFs).
Bitcoin may be entering a typical summer correction phase, according to a July 25 report by crypto financial services firm Matrixport.
Bitcoin has dropped sharply to test its local range low near $115,000, with analysts pointing to renewed whale activity and long-dormant supply movements as key contributors to the decline.
Bitcoin has reached a critical milestone in its programmed supply timeline—only 5.25% of the total BTC that will ever exist remains to be mined.