U.S. President Biden issued an open letter this morning officially announcing his withdrawal from the race. Biden wrote in the open letter:

"It has been the greatest honor of my life to serve as your President. While it has always been my intention to seek re-election, I believe it is in the best interests of my party and the country that I should withdraw from the race and focus on fulfilling my duties during the remainder of my term. Presidential duties.”

Although this decision has long been expected by many, it is still heavy news for the US political arena. The market is currently generally expecting Vice President Harris Harris to replace Biden as the presidential candidate for the 2024 Democratic nomination.

For the cryptocurrency market, Biden's withdrawal means that the Democratic Party's election is tight. This may be the outcome that cryptocurrency investors want to see, which means that a (currently looking) pro-cryptocurrency Trump administration will be settled. White House. In the past, the chairman of the U.S. Securities and Exchange Commission (SEC) usually resigned when a new government came to power. 10x Research analysts predict that SEC Chairman Gary Gensler, who has adopted a strict regulatory attitude towards cryptocurrency, is likely to resign in January or February 2025.

It is worth mentioning that Tesla CEO Musk also changed the photo sticker to a "laser eye" version.

The “laser eye” meme is part of cryptocurrency culture and has been used by prominent Bitcoin supporters including MicroStrategy founder Michael Saylor and El Salvador President Nayib Bukele. However, Musk’s move to change his profile photo should be mainly aimed at the issue of the US presidential election, not Bitcoin.

In this series, Bitcoin also immediately rose above $68,000

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