Biden's Annoucement Sparks Bitcoin Movement

Based on recent movements in the crypto market, it is evident that the US Presidential elections will have an impact on prices. The news of President Joe Biden's decision not to run for re-election affected the cryptocurrency market. Initially, the price of the oldest and largest cryptocurrency, Bitcoin, experienced significant fluctuations following the historic announcement. On Monday, Bitcoin was up 1.0 % over the past 24 hours, trading at $68,489, close to the record high reached in March.

Vice President Kamala Harris, endorsed by Biden, has not publicly expressed her views on crypto. If her stance aligns with Biden's, traders may view Trump as more favorable to the industry. Despite the uncertainty, there is still optimism that cryptocurrency values will rise with a democratic administration.

Before Biden's decision, the markets were anticipating a potential return of former President Donald Trump to office. Trump is seen as supportive of cryptocurrencies and is scheduled to speak at a Bitcoin conference in Nashville later this week. In contrast, Biden and the head of the Securities and Exchange Commission, Gary Gensler, are considered less favorable towards cryptocurrencies, despite approving exchange-traded funds for the assets, contributing to demand.

Former President Donald Trump is not wasting time courting the crypto vote. Trump is set to headline a campaign fundraiser in Nashville, Tennessee, coinciding with his keynote speech at the Bitcoin Conference. The top ticket for the fundraising event is priced at whopping $844,600 per person. According to sources the event will align with Trump’s expected keynote speech at the conference, the country’s largest gathering of cryptocurrency enthusiasts.

Trump's recent pro-cryptocurrency stance marks a shift from his previous position during his time in the White House. He has launched a non-fungible token collection on the Solana blockchain and has made increasingly positive remarks about crypto since then. Market are not sure if the support is real or just another Trump angle. The Trump campaign is accepting digital currency donations, and he has pledged to defend the rights of those who self-custody their coins, reinforcing the idea that he supports decentralized currency holdings. Additionally, Trump has expressed intentions to localize Bitcoin mining in the U.S. if he returns to the White House, following a meeting with bitcoin mining executives at Mar-a-Lago club in Florida.

It’s too early to say whether the recent volatility is due to uncertainty surrounding the general election or the growing expectations of a Trump-friendly administration towards crypto. Then again, it could just be a sign of things to come.