Joe Biden quits as the Democratic presidential candidate – and the cryptocurrency rises above 68,000 US dollars. This is also due to the expected chances of victory of his potential successor.
The price of Bitcoin has reached its highest level in more than a month at over 68,000 US dollars. Last night, the oldest and best-known cryptocurrency was temporarily trading at just under 68,500 dollars on the Bitstamp trading platform. Immediately after the announcement of Joe Biden’s resignation as the Democratic candidate for the US presidency, Bitcoin initially fell below 66,000 dollars on Sunday evening before rising again.
According to analyst Timo Emden of Emden Research, the assumption that Donald Trump will win the upcoming presidential election and return to the White House as president continues to dominate the cryptocurrency market. Trump stands for less regulation and is generally considered a supporter of cryptocurrencies such as Bitcoin.
After withdrawing as a presidential candidate, Biden proposed his deputy Kamala Harris as the leading candidate in the race for the White House. According to analyst Tony Sycamore of the trading house IG Australia, the market assumes that Harris will lose the presidential election to Trump. Sycamore also sees Trump as a “crypto-friendly US president”.
The price of Bitcoin is extremely susceptible to fluctuations. Experts therefore repeatedly warn of possible large price losses when trading with the cryptocurrency. In March, Bitcoin reached a record high of just under $74,000 and in July it temporarily fell below $55,000.
Source: Stern
