Biden’s Withdrawal Triggers Bitcoin Price Drop While Harris-Themed Memecoin Skyrockets by 131%
Joe Biden Withdraws from Presidential Race
US President Joe Biden sent shockwaves through markets as he announced he will not run again for another four years in the White House.
“It is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term,” Biden said in a statement.
The president threw his support behind his Vice President Kamala Harris as his replacement.
Market Reaction to Biden’s Announcement
Bitcoin dropped 2.3% to as low as $65,885 on the news in thin weekend trading, before recovering. It hovers at around $67,002 at about 7:45 pm in London.
Analyst Noelle Acheson stated in a tweet, “It’s because there’s a higher chance of his replacement defeating Trump in November. That is less favorable for crypto overall.”
Doland Tremp, a memecoin based on candidate Donald Trump, soared 30% to about 55 cents.
Jeo Boden, a play on the president’s name, plunged 59% to about one cent.
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A token dubbed Kamala Horris skyrocketed 131%.
Impact on Cryptocurrency Industry
Trump has emerged as a crypto-friendly candidate this year as Gary Gensler’s Securities and Exchange Commission cracks down on the industry.
However, Harris’ stance is harder to suss out. She has never taken an official stance towards crypto or commented on the industry.
Growing Role of Crypto in Elections
Political memecoins highlight the growing role of crypto in elections, with industry insiders betting on the outcome of the November vote to catapult Bitcoin to new heights.
The industry has poured millions into swaying politicos in Washington.
It seems to be working — politicians are warming to crypto and Congress has voted through sweeping pro-crypto policies.
Political Landscape
Biden’s shock decision comes on the back of a tumultuous presidential race, filled with criminal convictions, a chaotic debate, crypto endorsements and an assassination attempt.
The race has also made crypto a key election issue.
In May, Trump positioned himself as a pro-crypto candidate, pivoting from his previous assertion that Bitcoin is “a scam against the dollar.”
The industry rallied behind the former president’s second attempt to recapture the White House.
Some have warned that Trump’s stance on immigration and tax cut could send inflation skyward, which would be bad for the price of Bitcoin.
Biden’s withdrawal has increased Vice President Kamala Harris’ chances of becoming the Democratic nominee to 82% according to a Polymarket bet.
The bet gives runner-up, former first lady Michelle Obama, a 4% chance of bagging the nomination.
Eric Johansson is DL News’ News Editor. Got a tip? Email him at eric@dlnews.com.
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