{"id":51293,"date":"2024-07-25T01:00:00","date_gmt":"2024-07-25T01:00:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/biden-exit-bitcoin-price-surge-68k"},"modified":"2024-07-25T03:07:00","modified_gmt":"2024-07-25T03:07:00","slug":"why-bidens-exit-from-the-elections-briefly-pushed-bitcoin-price-to-68k","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51293","title":{"rendered":"Why Biden\u2019s exit from the elections briefly pushed Bitcoin price to $68K"},"content":{"rendered":"

<\/p>\n

United States President Joe Biden\u2019s exit from the presidential elections helped Bitcoin\u2019s price stage a brief recovery despite creating additional market uncertainty.<\/p>\n

On July 21, Biden\u00a0announced that he was dropping out of the United States 2024 presidential race.<\/p>\n

Following the news, Bitcoin (BTC) initially declined but staged a nearly 1.5% recovery during the same day, reaching a daily high of $68,364, marking an over one-month high, according to Bitstamp data.<\/p>\n

\"\"
BTC\/USD, 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

The initial drop in Bitcoin\u2019s price was a momentary, knee-jerk reaction to the uncertainty caused by Biden\u2019s decision, according to Bitfinex analysts, who told Cointelegraph:<\/p>\n

\u201cBitcoin initially declined 3% following Biden\u2019s announcement but subsequently recovered. This was a knee-jerk reaction to temporary uncertainty in the market. By Monday morning, it had increased by 0.9% over the previous 24 hours, moving past $68,000, which is close to its all-time high of $73,666, reached in March.\u201d<\/p><\/blockquote>\n

The outcome of the US elections could have significant implications on the crypto industry in the world\u2019s largest economy and regulatory consequences in other parts of the world.<\/p>\n

The Bitfinex analysts also noted that Biden\u2019s exit from the presidential race could be perceived as \u201cneutral to slightly negative in the short term\u201d due to the uncertainty regarding potential policy changes.<\/p>\n

Kamala Harris is a wildcard for the crypto industry<\/h2>\n

On July 23, US Vice President Kamala Harris\u00a0secured pledges from 2,668 delegates, passing the threshold of support needed from delegates to secure the Democratic Party presidential nomination.<\/p>\n

However, Harris\u2019 crypto stance could be a wildcard for the crypto industry and invite more potential regulatory scrutiny, according to Bitfinex analysts:<\/p>\n

\u201cHarris\u2019s stance on cryptocurrency isn\u2019t well-documented, making it difficult to predict with certainty. However, Harris\u2019s political positions suggest a focus on consumer protection and financial regulation, which might imply continued scrutiny of the crypto market.\u201d<\/p><\/blockquote>\n

In contrast, billionaire investor Mark Cuban said that Harris\u00a0could be more open to technological innovation and cryptocurrencies than President Biden.<\/p>\n

[embedded content]<\/p>\n

US Elections, Trump, and Macro: Impact on Crypto. Source: Cointelegraph<\/em><\/p>\n

Investors will likely adopt a \u201cwait-and-see\u201d approach: Analyst<\/h3>\n

Crypto investors will likely adopt a more passive approach until Harris offers more clarity on her crypto-related perspectives, Bitfinex\u2019s analysts added:<\/p>\n

\u201cInvestors might adopt a wait-and-see approach until Harris\u2019s policies become clearer. The current administration has been relatively cautious regarding crypto, with a focus on regulation. A continuation of this stance under Harris might not be immediately positive for the market.\u201d<\/p><\/blockquote>\n

However, prediction markets continue to favor former US President Donald Trump as the most likely candidate to win the elections.<\/p>\n

\"\"
Presidential elections bet. Source: Polymarket<\/em><\/figcaption><\/figure>\n

Over 62% of Polymarket\u00a0users have bet on Trump to win the November elections, while only 35% have placed bets on Harris.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

United States President Joe Biden\u2019s exit from the presidential elections helped Bitcoin\u2019s price stage a brief recovery despite creating additional market uncertainty. On July 21, Biden\u00a0announced that he was dropping out of the United States … Why Biden\u2019s exit from the elections briefly pushed Bitcoin price to $68K<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51294,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[6973,139,6974,6972,5652,276,159,6975],"class_list":["post-51293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bidenbtc","tag-bitcoin","tag-btc-biden","tag-emilynew","tag-emilynews","tag-ethereum","tag-hyipnews","tag-usa-biden-crypto","exalt-entry"],"yoast_head":"\nWhy Biden\u2019s exit from the elections briefly pushed Bitcoin price to $68K - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51293\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Biden\u2019s exit from the elections briefly pushed Bitcoin price to $68K - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"United States President Joe Biden\u2019s exit from the presidential elections helped Bitcoin\u2019s price stage a brief recovery despite creating additional market uncertainty. 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