JOE Biden withdrew from the Presidential race, Bitcoin price reacted negatively

Following recent market speculation, today, the current President of the United States, JOE Biden, announced the end of his re-election campaign. Bitcoin (BTC) price recorded a negative reaction.

Also Read: Cryptocurrency may just be a pawn in the hands of politicians

JOE Biden withdrew from the Presidential race

In the latest information obtained by BeInCrypto from Reuters, US President JOE Biden announced the end of his re-election campaign on Sunday. His move came after Democratic Party members lost faith in his mental acumen and ability to defeat Donald Trump.

4 days ago, the Polymarket prediction platform showed a 69% withdrawal rate from re-election for the US President for a new term, especially in the context of his announcement that he was infected with Covid-19. This move makes him reconsider XEM running for office if he is advised to withdraw due to serious health conditions. Also for this reason, a meme coin themed about him recorded a serious decline.

And it seems that as expected, today JOE Biden announced his withdrawal from the Presidential race. In a post on X, he said he would continue to serve as president and commander in chief until his term ends in January 2025 and would address the nation this week.

Although he stopped campaigning in the Presidential race for a new term, he also cleared the way for Vice President Kamala Harris. Immediately, on the Polymarket platform, Vice President Kamala Harris's election rate was recorded at 31%, much lower than the 64% that former President Donald Trump has.

Also Read: Polymarket grows impressively in 2024

In the context of JOE Biden announcing his withdrawal from the race for the White House, the cryptocurrency market in general is still recording negative signals. Although the JOE Biden administration is considered not very friendly to the Crypto market, it is currently unknown what his replacement's attitude will be towards this market.

At the time BeInCrypto wrote this article, right after President JOE Biden announced he would stop running for a new term as President, BTC price recorded a decrease of 2% in the past 1 hour. It is currently trading at $66,125.

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