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Biden Withdrawal Sends Bitcoin Lower as Harris-Themed Memecoin Soars 131% – DL News
- Joe Biden has withdrawn from the presidential race.
- According to a Polymarket bet, Vice President Kamala Harris has an 82% chance of becoming the Democratic nominee.
- Political memecoins surged after Biden’s announcement.
US President Joe Biden has shocked markets by announcing that he will not seek reelection for another four years.
“It is in the best interest of my party and the country that I resign and focus solely on fulfilling my duties as president for the remainder of my term,” Biden said in a statement.
The president has expressed his support for Vice President Kamala Harris as his replacement.
Bitcoin fell 2.3% to $65,885 on the news in thin weekend trading, before recovering. It is hovering around $67,002 as of about 7:45 p.m. in London.
Why this decline?
“That’s because there’s a higher likelihood that his replacement will defeat Trump in November,” analyst Noelle Acheson said in a tweet. “That’s less favorable for cryptocurrencies overall.”
Doland Tremp, a memecoin based on the candidate Donald Trumprose 30% to around 55 cents.
Jeo Bodena play on the president’s name, fell 59% to about a cent.
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A token nicknamed Kamala Horris skyrocketed by 131%.
Trump has has emerged as a crypto-friendly candidate this year as Gary Gensler’s Securities and Exchange Commission cracks down on the industry.
But Harris’s position is harder to understand. He has never taken an official stance on cryptocurrencies or commented on the sector.
Growing role
However, it has strong ties to the technology sector.
Political memecoins highlight cryptocurrency’s growing role in elections, with insiders betting on the outcome of November’s election to catapult Bitcoin to new heights.
The industry has invested millions of dollars to convince politicians in Washington.
It seems to be working: Politicians are warming up to cryptocurrencies, and Congress has passed broad pro-cryptocurrency policies.
Cryptographic Elections
Biden’s shocking decision comes in the wake of a tumultuous presidential race, filled with criminal convictionsA chaotic debate, cryptographic approvals AND an assassination attempt.
The rush has also made cryptocurrencies a key election issue.
In May, Trump positioned himself as a pro-crypto candidatebuilding on his previous statement that Bitcoin is “a scam on the dollar.”
The industry has lined up behind the former president’s second attempt to reclaim the White House.
Industry dynamos like the founders of the tech venture capital giant a16zand founder of Messari Ryan Selkis they sided with Trump.
Some have warned that Trump’s stance on immigration and tax cuts could send inflation towards the sky, which would be negative for the price of Bitcoin.
Biden, on the other hand, was seen as mostly anti-crypto, although there were signs recently that he had. warmed up before withdrawing his candidacy for a second term.
A bet Cryptocurrency betting site Polymarket estimates that the odds of Harris being the Democratic nominee are 82%.
The bet gives the runner-up, former first lady Michelle Obama, a 4 percent chance of clinching the nomination, even though the former first lady has not yet made a bid for the White House.
Eric Johansson is the editor-in-chief of DL News. Got a tip? Email him at eric@dlnews.com.