Bitcoin has jumped to $66,716 after dropping to $54,000, and other cryptocurrencies like Ethereum and Solana are also indicating a possible bull run. This increase is driven by several factors, including President Joe Biden’s unexpected exit from the 2024 presidential race, suggesting the start of a strong market rally.
Biden’s decision to exit the race, reportedly due to health concerns, has reshaped the political field. Kamala Harris now leads the Democratic charge, adding new dynamics to the presidential race.
Meanwhile, there are rumors that BlackRock CEO Larry Fink could become the next Treasury Secretary if Donald Trump wins the presidency. These developments have had immediate and notable effects on the crypto market.
Following the news of Biden’s withdrawal, Bitcoin initially dropped by 2.8% to $65,800 but quickly rebounded to $67,600, marking a 2.7% increase. Meanwhile, Biden’s withdrawal triggered liquidations of $67 million in long positions within 30 minutes, reaching $134.5 million over 12 hours.
However, the politically themed memecoin market has experienced significant fluctuations. As the Joe Biden-themed memecoin, BODEN, saw a steep decline of 56.8%, while the Kamala Harris-themed memecoin, KAMA, surged by 77.4%.
The Donald Trump-themed memecoin, MAGA, remained unchanged. Additionally, Solana experienced a 4.6% growth in the past 24 hours
One trader notably made an 8,200% profit on KAMA, turning a $960 investment into $77,800 in three weeks. Elon Musk added to the market buzz by changing his X profile picture to a laser-eye meme, symbolizing bullish sentiments in the crypto community.
Looking ahead, if the Republican Party wins, Donald Trump, known for his pro-crypto stance, might push for Bitcoin to become a strategic reserve asset for the U.S. Currently, the U.S. holds 212,800 BTC, valued at about $15 billion, alongside a $600 billion gold reserve. This could lead to increased Bitcoin holdings and a potential bull market.
If the Democratic Party wins, while they might not establish Bitcoin as a strategic reserve, they are expected to continue building a regulatory framework that supports crypto growth. This year, their acceptance of BTC and ETFs shows their commitment to integrating crypto into the financial system.
Regardless of who wins the upcoming election, the crypto market is poised for significant changes, possibly heralding a new bull run.
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