Bitcoin’s price exhibited a slight increase on Monday, stabilizing after a significant surge over the weekend triggered by President Joe Biden’s withdrawal from the 2024 presidential race, which has heightened political uncertainty in the U.S.
The leading cryptocurrency, which had surged in recent trading sessions, continued to benefit from growing speculation that Republican frontrunner Donald Trump—a pro-crypto advocate—might secure a second term in office. Bitcoin appreciated by 0.9% over the last 24 hours, reaching $67,622.50 by 02:00 ET (06:00 GMT). Over the weekend, Bitcoin had approached $69,000 but retreated by Monday.
Bitcoin and Crypto Markets Respond to Political Developments
The cryptocurrency market is now contending with increased uncertainty following Biden’s endorsement of Vice President Kamala Harris as the Democratic presidential candidate. Although Harris must still be formally nominated at the Democratic National Convention in August, she has received broad support from prominent Democrats.
Trump, who was polling slightly ahead of both Biden and Harris according to CBS data last week, suggested that Harris might be a more manageable opponent, CNN reported. This potential shift in the political landscape has tempered some of the enthusiasm for a Trump presidency, which had been a key driver of recent crypto gains.
Trump, known for his crypto-friendly rhetoric, is scheduled to speak at the Bitcoin Conference in Nashville later this month and has advocated for the U.S. to become a leader in cryptocurrency development. His campaign also accepts crypto donations. However, the possibility that Harris could mount a more effective campaign against Trump has dampened some of the bullish sentiment.
Adding to the market’s volatility, traders are monitoring the impact of distributions by the defunct exchange Mt. Gox, which has been moving billions of dollars worth of Bitcoin earlier this month.
Altcoins Show Mixed Performance; Ether ETFs in Focus
In the broader crypto market, major altcoins displayed stable movements, following Bitcoin’s recent fluctuations. The second-largest cryptocurrency, Ether, dipped 0.3% to $3,491.74, with market attention focused on the anticipated approval of a spot Ether exchange-traded fund (ETF) in the U.S. Reports suggest that a spot ETF might start trading as early as this week.
Other altcoins exhibited mixed results. XRP and ADA traded within a narrow range, while SOL saw a 3.9% increase, driven by speculation surrounding a potential SOL ETF. Among meme tokens, DOGE rose by 6.6%, whereas SHIB remained unchanged.
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