Bitcoin’s price continues to be highly impacted by the political scene in the United States. After the failed assassination attempt against Donald Trump last weekend, this time, news regarding his opponent rattled the markets.
However, the cryptocurrency managed to bounce off and return to nearly $67,000 almost immediately.
The current US president, Joe Biden, ended his campaign for the 2024 presidential elections an hour ago, saying it was a decision made in “the best interest of my party and the country.”
This came just a few days after reports emerged that the POTUS was suffering from COVID and the subsequent uncertainty regarding his health situation, given his age.
“And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling the duties as President for the remainder of my term,” reads a statement by Biden.
It’s worth noting that numerous high-ranked members of the democratic party have been calling for his race withdrawal after a dreadful debate he had against Donald Trump last month.
Biden’s decision impacted the crypto markets, which are always open, and BTC’s price tumbled by about two grand in minutes from over $67,500 to $65,750.
However, the asset recovered most losses just as quickly and now stands close to $67,000 again.
Recall the events from last weekend when Trump survived an assassination attempt, and BTC’s price skyrocketed in the following days since he became the so-called ‘crypto candidate.’