Joe Biden Ends Re-Election Campaign; What’s the Reason?
Is Trump the Reason Behind Biden’s Exit?
On July 21, Joe Biden, one of the biggest competitors of Donald Trump in the US elections declared that he was ending his re-election campaign and endorsed Vice-President Kamala Harris.
Mr. Biden took to X (formerly Twitter) to share the exit news.
Source: X
This announcement follows a turbulent period in US politics, highlighted by his occasionally incoherent debate performance against Donald Trump on June 27. Biden confirmed he would remain president until January.
Vice President Kamala Harris, 59, expressed her gratitude for the endorsement, stating she was "honoured" and committed to "earning and winning this nomination" to unite the country against Trump.
"We have 107 days until election day, Together, we will fight. And together, we will win", she said.
Although Harris has garnered endorsements from many prominent party figures, she has yet to be officially nominated, a process expected to occur at the Democratic National Convention in August.
Donald Trump’s Reaction to Biden’s Decision
Trump has surged ahead in the polls and was confirmed as the Republican nominee at the party's convention in Milwaukee this week, just five days after surviving an assassination attempt.
Following Biden's decision, Trump declared the president "was not fit to run... and is certainly not fit to serve." Other senior Republicans echoed this sentiment, urging Biden to leave the White House instantly, not just the Democratic candidacy.
Donald Trump’s re-election campaign received donations in digital assets, showcasing his strong roots in the crypto industry. The exit of Joe Biden strengthened Trump’s position in the US election, boosting his winning chances.
Furthermore, once against the crypto industry, Biden also shifted his tone towards cryptocurrency and began interaction with Crypto professionals. Hence, the withdrawal of the prominent player will also impact the cryptocurrency market.
Impact of Joe Biden’s Exit on Cryptocurrency Market
Joe Biden’s withdrawal from the election impacted the crypto market in a mixed manner. Bitcoin (BTC) showcased an impressive spike, trading at $3,494.38, after a surge of 1.26% in the past 24 hours with $1,333,860,060,770 in market cap and $28,821,587,930 in 24-hour volume.
Ethereum (ETH), alternatively, dropped by 1.13% in one day, currently trading at $3,491.02 with $419,650,599,162 in market cap and $15,150,882,203 in 24-hour volume.
Additionally, meme coins including Moutai (MOUTAI), Elon (ELON), Super Trump Coin (STRUMP), etc. gathered an impressive hike. However, a few analysts say the recent Biden development may not lead to an immediate surge in digital assets.
Conclusion
Joe Biden's decision to end his re-election campaign and endorse Kamala Harris has significantly impacted the political landscape and the cryptocurrency market. While Harris prepares for her potential nomination, Trump has solidified his position as the Republican nominee. Biden's exit has led to mixed reactions in the crypto market, with Bitcoin experiencing a spike and Ethereum seeing a slight drop. The overall impact on digital assets remains uncertain, with some analysts predicting no immediate surge.
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