On Sunday, the U.S. political arena received shocking news. Current President Joe Biden officially announced that he would give up running for the White House in 2024. This move immediately triggered significant fluctuations in global financial markets, especially the Bitcoin market.
As the news of Biden’s withdrawal from the campaign spread quickly, the price of Bitcoin (BTC) experienced a brief and violent fluctuation, instantly sliding from a high of $67,453 to a low of $65,884, and then rebounded to around $66,893 shortly after the news was released, showing the market’s high sensitivity to this major political change.
It is worth noting that this fluctuation in Bitcoin prices occurred in the context of former President Trump publicly expressing support for the cryptocurrency industry and hoping that Bitcoin could be produced in the United States. This positive signal has driven Bitcoin prices to rebound significantly in recent weeks, and Biden's sudden decision undoubtedly adds new uncertainty to this already volatile market.
While announcing his withdrawal from the race, President Biden expressed his strong support for Vice President Kamala Harris as a strong candidate to fight against Republicans such as Trump. In stark contrast, Trump rarely mentions Bitcoin or cryptocurrency in public.
"My fellow Democrats, after careful consideration, I have decided not to seek re-election and instead to devote my full energy to the remainder of my current presidency. In 2020, I had the honor of choosing Kamala Harris as my Vice President, which was one of the best decisions of my career. Today, I solemnly announce that I will fully support Kamala as our Democratic Party's presidential candidate this year. It is time to unite as one and stand up to Trump's challenge. Let us move forward together and create brilliance together."
Behind this decision is Biden's recent poor performance in public, especially his defeat in a highly watched debate, coupled with widespread concerns about his health, which has put him under tremendous pressure from both inside and outside the party. According to statistics, a total of 37 Democratic congressmen publicly called on Biden to withdraw from the campaign before the press conference to stabilize the situation and maintain the unity of the Democratic Party.
With Biden's withdrawal, the American political landscape may usher in a new round of reshuffle, and the Bitcoin market will continue to pay close attention to the potential impact of this series of political changes on its trend.
