Blockchain
Bitcoin (BTC) Price Drops to $63K as Stock Market Crash Continues, Biden Dropout Speculation Intensifies
Cryptocurrency markets returned to negative territory on Wednesday, as US stock prices continued to decline and speculation about the race for the presidential election grew.
BTC plunged to $63,500 from $65,000 in just two hours during mid-morning trading hours in the United States, and is down 1.7% over the past 24 hours. The second-largest cryptocurrency, ether (ETH) and Solana’s native token (SOL) held up a little better, although in both cases the decline was more than 1%.
Smaller digital assets fell even further, dragging down the broader market benchmark. Coindesk Index 20 (CD20) down 2.8%. Leading the decline were 5%-6% drops for Ripple’s XRP (XRP)Polkadot’s DOT (POINT)by Cardano (ADA) and the Polygon token (MATIC).
The price action came as U.S. stocks failed to recover from steep declines seen earlier this week, with the tech-focused Nasdaq 100 falling another 1% and the broader S&P 500 index down 0.7%.
Uncertainty over the US presidential election has increased significantly in the last few hours, amid relationships of the growing pressure from party leaders not to seek reelection.
Trader on the cryptocurrency prediction market Polymarket I now see an 80% chance that Biden will withdraw, up from 40% the day before. In the meantime, chance The approval rating for Vice President Kamala Harris’ Democratic presidential nomination has risen to 63% from 15% a day ago.
Last week’s cryptocurrency price rally was partly fueled by investors seeing rising odds of Trump winning the election and, as a result, a much more crypto-friendly U.S. administration.