On July 22, 2024, the US political arena was in turmoil. The current President Joe Biden, who was running for re-election, suddenly announced his withdrawal from the 2024 US presidential election and expressed his full support for Vice President Kamala Harris as the new presidential candidate of the Democratic Party. Once this news was announced, it immediately triggered a strong response in the US political arena and the cryptocurrency market.
Biden's withdrawal is undoubtedly good news for the cryptocurrency industry. In the past few years, the Biden administration has adopted a more conservative and cautious regulatory policy on the crypto market, and even took restrictive measures. This is considered by industry insiders to be detrimental to the development of the industry, causing widespread dissatisfaction in the cryptocurrency circle.
But now that Biden has announced his withdrawal, the cryptocurrency market has seen a ray of hope. Analysts point out that Biden's successor may be more friendly to cryptocurrencies, or the Republican Party, which has always been understanding or even supportive of cryptocurrencies, is expected to regain control of the White House, which will be conducive to the further development of cryptocurrencies, and may usher in a new round of cryptocurrency bull market.
As expected, the impact of Biden's withdrawal from the election was immediate, and the cryptocurrency market ushered in a wave of carnival. Bitcoin once broke through $68,000, setting a recent high. Mainstream currencies such as Ethereum and Dogecoin also soared. Tesla founder Elon Musk showed off his laser eyes on social media to celebrate the victory of the cryptocurrency industry. Other cryptocurrency giants also tweeted to celebrate, believing that this was the arrival of spring in the cryptocurrency market.
In addition, the political meme coin (PolitiFi) market also changed drastically: Jeo Boden ($BODEN) plummeted by more than 60%, and its market value evaporated by more than half. On the other hand, Biden's successor Kamala Horris ($KAMA) soared by more than 90%, soaring to a record high. These phenomena fully reflect the judgment and expectations of cryptocurrency market participants on future political changes.
It is worth noting that although Biden's withdrawal from the election has brought optimism to the entire cryptocurrency market, it has also triggered people's thinking about the future relationship between the Democratic Party and cryptocurrency. According to expert analysis, the Democratic Party actually has a chance to win back the favor of cryptocurrency supporters in the 2024 presidential election.
For Biden's successor, current Vice President Kamala Harris, this is undoubtedly a huge political opportunity. Polls show that with Biden's withdrawal from the election, Harris's support rate is almost the same as that of Republican candidate Trump, and she is expected to win the contest with Trump and win back the votes of cryptocurrency investors.
The issue of encryption itself is not a partisan issue, and there are also people in the Democratic Party who support cryptocurrency. Analysts point out that compared with Trump, Kamala Harris is considered to be more supportive of innovative technology. In addition, Kamala Harris is expected to rise among young digital native voters with her young image and "new face".
This female political star born in the 1980s has always been regarded as a representative of "digital natives" and has a certain influence in the cryptocurrency and blockchain communities. In the past few years, Harris has been working hard to improve the relationship between the Democratic Party and the cryptocurrency community. She has publicly stated that she will be committed to formulating policies that are conducive to the development of the cryptocurrency industry.
At present, the market generally expects a round of cryptocurrency bull market. This is not only because the Biden administration's tightening of crypto regulation has been dispelled, but also because of the expectations of the new president Kamala Harris. Cryptocurrency investors generally believe that after Kamala Harris takes office, her government will adopt a more friendly regulatory policy, thereby injecting new vitality into the cryptocurrency market. Moreover, Kamala Harris may make major adjustments to future crypto regulatory policies to create a more favorable development environment for the industry.
In addition, driven by this round of cryptocurrency bull market, Bitcoin prices are expected to hit new highs and break the historical record. This will undoubtedly attract more investors to enter the cryptocurrency market and promote the further development of the entire industry. However, some experts pointed out that it remains to be seen whether Kamala Harris can truly achieve friendly regulation of the cryptocurrency market after taking office.
In general, Biden's withdrawal from the election has undoubtedly changed the political landscape and brought new opportunities to the cryptocurrency market. However, the future development trend still needs further observation and analysis. In fact, no matter who is elected, the cryptocurrency field needs a clearer and more friendly policy environment, and all parties hope that the new president in the future can bring favorable sustainable development to the industry.
