Bitcoin Price Steadies as Biden Drops Reelection Bid, Trump’s Pro-Crypto Stance Boosts Market Confidence
In the world of cryptocurrency, Bitcoin saw a slight rise in price on Monday, stabilizing after a weekend rally fueled by President Joe Biden’s decision to drop his reelection bid. The uncertainty surrounding the U.S. political landscape has increased, with growing speculation that Republican frontrunner Donald Trump, known for his pro-crypto stance, may win a second term.
Bitcoin’s price increased by 0.9% in the past 24 hours, reaching $67,622.5 by 02:00 ET (06:00 GMT). Although the token briefly tested $69,000 over the weekend, it pulled back from those levels on Monday.
The recent endorsement of Vice President Kamala Harris as the Democratic presidential nominee by Biden has added to the uncertainty surrounding the 2024 elections. Trump, who was polling slightly ahead of Biden and Harris, believes Harris will be easier to defeat. This uncertainty has impacted the crypto market, which had been driven by optimism over a potential Trump presidency.
Despite Trump’s support for the crypto industry and his upcoming appearance at the Bitcoin Conference in July, the endorsement of Harris has dampened some of the enthusiasm for a Trump victory. Additionally, concerns over distributions by the defunct exchange Mt Gox, which has been moving large amounts of Bitcoin, have also contributed to market unease.
In the broader crypto market, major altcoins have remained steady following Bitcoin’s weekend bounce. Ethereum, the second-largest token, saw a 0.3% decrease to $3,491.74, as attention shifts to the approval of a spot Ether exchange-traded fund for U.S. markets. Reports suggest that the ETF could begin trading as early as this week.
Overall, the crypto market is facing increased uncertainty due to political developments and regulatory concerns. Investors should closely monitor the evolving situation and consider diversifying their portfolios to mitigate risks and capitalize on potential opportunities in the market.