Biden Out - Bulls In?

Coinmarketcap

Hey folks.

President of the United States, Joe Biden shocked the markets when he drew out of the reelection campaign on Sunday, July 22.

According to some analysts, the withdrawal from the election race on the part of the president could be of benefit to Bitcoin and other crypto assets in the coming months, while others warned that investors should temper their excitement for now.

Following the revelation, the price of Bitcoin dropped as much as 2.8%, reaching $65,800, but it swiftly recovered over 3.6%, according to one data source.

eToro market analyst Josh Gilbert told Cointelegraph that Biden's abrupt announcement is a "win for crypto assets" and that Trump's increased prospects of winning reelection are a "huge boost for the asset class."

“The longer that we see Trump staying ahead in the election odds, the more crypto assets will price in his victory.”

Josh Gilbert explained,

“It’s difficult to envision Kamala Harris or another Democrat candidate overturning Trump’s lead in the polls with just three months left in this election race, but a lot can happen in that time frame, so nothing is off the cards,”.

Recently, Donald Trump has made Bitcoin and cryptos an important part of his campaign for the election. He declared on June 14, that he would bring an end to Biden administration's "war on crypto" if he was elected as president.

The founder of 10x Research, Markus Thielen, proposed that during the upcoming Bitcoin 2024 conference in Nashville, Tennessee, a Trump who is supportive to cryptocurrencies might declare that Bitcoin will become a strategic reserve asset for the US government.

Nevertheless, according to some analysts, the recent Biden development may not cause an immediate surge in cryptocurrency.

Although Biden's retirement could help Trump's chances, Swyftx analyst Pav Hundal cautioned that it would be challenging to establish a straight correlation between this and the recent upswing in price movement in the larger cryptocurrency market.

Not financial advice.

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