Bitcoin Bounces Back After Biden Bow-out Sends Crypto Market into Tailspin

On Sunday, the Bitcoin price experienced a dramatic crash, reverberating through the crypto market and sending coins like Dogecoin and Shiba Inu into a downward spiral alongside it. The abrupt drop saw Bitcoin’s value plummet by $2,000 within minutes, falling below $66,000. Although this decline was brief, it caused significant concern among crypto investors, who were left to ponder the reasons behind this sudden drop.

The primary catalyst for the Bitcoin price fall was an unexpected announcement from U.S. President Joe Biden. Amid ongoing political tension between President Biden and former President Donald Trump, both of whom are key figures in the upcoming presidential race, Biden made a surprising move on Sunday. He officially declared his withdrawal from the presidential race, stating on X (formerly Twitter) that he would focus on fulfilling his duties during the remainder of his current term, thereby rejecting the Democratic Party nomination. This announcement, which has since accumulated over 330 million views, took the political landscape by storm.

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In the same declaration, President Biden endorsed Vice President Kamala Harris to run on the Democratic presidential ticket. He also called on party supporters to unite in their efforts against Donald Trump, who remains a formidable opponent.

The crypto market quickly reacted to this political shift. Bitcoin’s value plunged sharply, dragging other cryptocurrencies like Dogecoin and Shiba Inu down with it. Both coins saw a 3% drop in response to Biden’s announcement.

However, just as swiftly as it fell, Bitcoin’s price began to recover, climbing to new monthly highs by the end of Sunday. The price surged past $68,000, bringing a wave of positive momentum to the broader crypto market. In tandem, Dogecoin and Shiba Inu also rebounded, achieving notable gains.

Dogecoin’s price rose back above $0.14 after dipping below $0.128, resulting in a daily gain of over 4%. Its daily trading volume saw a significant increase, surpassing $20 billion.

Similarly, Shiba Inu’s price improved from its low of $0.0000173, rising above $0.0000184. However, unlike Dogecoin, Shiba Inu’s daily trading volume remained relatively muted at around $383 million.

Meanwhile, Bitcoin continues to lead the market’s bullish trend, maintaining a support level of $67,000 following its recovery. This represents an approximate 12% increase in Bitcoin’s price over the past week.


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