The unexpected announcement made by US President Joe Biden had a significant impact on the cryptocurrency market, particularly on Bitcoin. The Bitcoin price witnessed a sudden crash, causing a loss of $2,000 within just a few minutes. This rapid decline brought the price back below $66,000, sparking concern among crypto investors across the board.
President Joe Biden’s announcement of stepping down from the presidential race and endorsing Vice President Kamala Harris as the Democratic Party nominee played a pivotal role in the market tumult. The news of Biden’s withdrawal and the ensuing political dynamics threw the crypto market into a frenzy, leading to a sharp decline in Bitcoin’s price.
Following President Biden’s announcement, the crypto market reacted swiftly, with not only Bitcoin but also altcoins like Dogecoin and Shiba Inu experiencing a sharp decline in their prices. Both Dogecoin and Shiba Inu dropped by around 3% in response to the political developments, mirroring Bitcoin’s plunge.
Despite the initial plunge in prices, Bitcoin managed to recover just as quickly, surging to new monthly highs. The price of Bitcoin surpassed $68,000 on Sunday, driving the overall crypto market momentum upwards. In a domino effect, Dogecoin and Shiba Inu also witnessed significant gains from their lows, with Dogecoin’s price rising above $0.14 and Shiba Inu’s price climbing back from $0.0000173 to $0.0000184.
While the crypto market experienced volatility in response to President Biden’s announcement, Bitcoin remains a frontrunner in leading market bullishness. The coin managed to hold the $67,000 support level post-recovery, signifying a remarkable 12% increase in its price over the last seven days. Despite the initial shock, Bitcoin demonstrated resilience and continued to chart a positive trajectory.
President Joe Biden’s decision to step down from the presidential race had a profound impact on the cryptocurrency market, triggering a brief but intense period of volatility. The subsequent recovery and bullish sentiment displayed by Bitcoin and other altcoins underscore the resiliency and strength of the crypto market in the face of external events. As the market continues to adapt and evolve, it is crucial for investors to stay informed and prepared for unexpected developments that may influence price movements.
