As a long-term crypto investor with a keen interest in politics and the crypto market, I have watched with growing concern as President Joe Biden’s presidency has unfolded. His decision to step down from the 2024 presidential race has left me feeling both relieved and apprehensive.
As someone who closely follows American politics, I have to admit that the news of President Joe Biden stepping down from the 2024 presidential race came as a surprise. However, I believe this decision is a testament to his selflessness and respect for democratic processes. After all, he has spent over five decades in public service, starting from the Senate up to the highest office in the land.
In his statement, President Biden expressed his plan to run for re-election but then added that it would be more beneficial for his party and the country if he stepped aside and devoted all his efforts to completing his current presidential term. He did not provide any explanation for this decision.
Around six days ago, Biden received a COVID-19 diagnosis, causing him to momentarily pause his presidential campaign. This development comes at a time when Biden’s nomination for president faces criticism from within the Democratic party and its electorate. Concerns over Biden’s advanced age and perceived cognitive decline have raised doubts about his ability to lead the free world effectively.
The anti-crypto stance of the Securities and Exchange Commission, headed by Gary Gensler under Biden’s administration, has caused significant challenges for the crypto industry and stirred up controversy within the community. Additionally, Biden’s contentious reversal of a legislative repeal of SAB-121 could impede institutional investment in cryptocurrencies.
Despite Biden’s withdrawal from the presidential race, tokens linked to him and his family, including Jill and Hunter, experienced a steep price decrease. The BODEN token plummeted by 62% in just two hours following Biden’s announcement, resulting in approximately $10 million being erased from its previous market cap of $16 million.
As an analyst, I’ve observed some significant price movements in the crypto market recently. The JILLBODEN token experienced a steep decrease of 68.5% during that specific timeframe, while the LAPTOP token followed suit with a 62% drop. Currently, both tokens have market caps under $100,000. Conversely, Kamala-related tokens have shown remarkable growth as Vice President Harris takes on a more prominent role.
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2024-07-22 14:33