As a seasoned financial analyst with a background in politics and economics, I have witnessed firsthand how deeply intertwined these two spheres can be, especially when it comes to Bitcoin (BTC) and other cryptocurrencies. The latest developments in the United States political scene have once again proven this point.
The price of Bitcoin is significantly influenced by political events in the US. Recently, news about Donald Trump’s rival caused market turbulence following the unsuccessful assassination attempt on Trump the previous week.
However, the cryptocurrency managed to bounce off and return to nearly $67,000 almost immediately.
Joe Biden, the present US president, concluded his bid for the 2024 presidential elections an hour past, explaining it as a choice that benefited “my party and the nation’s welfare.”
As a researcher, I’ve noticed an intriguing development: Only a few days ago, news broke out about the President of the United States (POTUS) being diagnosed with COVID-19. The ensuing doubts and uncertainties surrounding his health condition, especially considering his age, have added an interesting layer to this unfolding narrative.
As someone with a deep appreciation for the weight and responsibility that comes with being the President, I understand the importance of putting the greater good above personal ambition. Having served in various roles throughout my long career in public service, including as Vice President, I have come to realize that sometimes stepping aside is the most courageous and impactful thing one can do for their party and country. In light of this, despite my initial intentions to seek reelection, I believe it is now in the best interest of all involved for me to dedicate my full energy and attention to the duties of the Presidency for the remainder of my term.
Several prominent Democrats have urged Joe Biden to reconsider his campaign following a poor performance in the recent debate with Donald Trump.
The announcement made by Biden had significant consequences for the cryptocurrency markets, which operate continuously. As a result, Bitcoin’s value experienced a notable decrease, dropping approximately $2,000 within minutes from around $67,500 down to $65,750.
However, the asset recovered most losses just as quickly and now stands close to $67,000 again.
Remember the occurrences from last weekend when Trump came close to being assassinated, and Bitcoin’s price significantly increased in the aftermath, earning him the nickname ‘crypto candidate.’
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2024-07-21 22:18