Bitcoin Experiences High Volatility After Biden Dropped Out of Presidential Race

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.