Joe Biden is Out, and Crypto Bulls Are Going Berserk Over It
NAIROBI (CoinChapter.com) — United States President Joe Biden has officially ended his reelection bid just four months before the election day. In a July 21 statement, Biden didn’t cite his reasons for bowing out. He claimed it was in the “best interest of my party and my country.” His absence leaves the Democratic Party without a nominee for the 2024 U.S. presidential election on Nov. 5.
In recent weeks, there has been ongoing speculation about Biden potentially stepping down. Some predict Vice President Kamala Harris as a likely replacement. However, no replacement has been officially confirmed yet.
Biden announced on X that he is stepping aside as a candidate for the 2024 presidential election and endorsing Vice President Kamala Harris as the Democratic nominee. Dozens of Democratic Congress members, governors, and officials have endorsed Harris for president. In his post, Biden expressed full support for Harris, calling his choice of her as Vice President the best decision he made. He urged Democrats to unite and focus on defeating Donald Trump in the upcoming election.
Joe Biden’s Exit: “Giga Bullish for Crypto”
The announcement has triggered strong reactions within the crypto market. Crypto analyst Ash Crypto tweeted, “Trump is coming in 2024. This is giga bullish for crypto.” Many believe a Trump administration might adopt a more favorable stance towards cryptocurrencies. This could lead to regulatory changes that benefit the market.
Tesla CEO Elon Musk added to the excitement. He updated his X profile picture to feature “laser eyes,” a symbol widely recognized as bullish for Bitcoin.
This change aligns with the upcoming Bitcoin 2024 conference in Nashville. Former President Donald Trump is expected to speak at the conference. Speculation is rife that Trump might endorse Bitcoin as a reserve asset. 10x Research founder Markus Thielen suggested the possibility of a U.S. Bitcoin strategic reserve announcement.
Experts such as Michael Saylor, CEO of MicroStrategy, and crypto trader Scott Melker have expressed optimism. They interpret Musk’s profile update as a signal of major developments ahead. The anticipation surrounding the conference and these endorsements have fueled investor excitement. Consequently, Bitcoin’s price is rising.
Market Reacts: Bitcoin Surges Past $68,000
Bitcoin recently surged past $68,000, currently trading at $67,228.31 with a 7-day rise of 7.2%. Its market cap stands at $1.32 trillion, with a 24-hour volume of $24.92 billion. This surge was driven by strong performance from U.S. Bitcoin ETFs, which saw record inflows exceeding $17 billion. The German government’s sale of 50,000 BTC also reduced supply pressures.
The anticipated launch of Ethereum ETFs and Biden’s decision not to seek reelection have added to the crypto market’s positive momentum. However, potential repayments from the Mt. Gox exchange could impact Bitcoin’s price in the short term.
Crypto sentiment has shifted dramatically. The Crypto Fear & Greed Index has reached its “greediest” in over a month, standing just below “extreme greed” at 70/100. Just a week ago, the Index measured 25/100, corresponding to “extreme fear.” This highlights the volatility in market sentiment.
The convergence of these factors—Musk’s bullish signal, Trump’s potential crypto-friendly policies, and strong ETF performance—has created an optimistic outlook for Bitcoin and the broader crypto market.
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