Joe Biden Presidential Campaign Is Now Over, Bitcoin Exceeds $68,000

Key Points:

• President Joe Biden announced he will not seek re-election in 2024, and at the same time endorsed Vice President Kamala Harris as the Democratic candidate.
• Joe Biden presidential campaign withdrawal follows weeks of pressure after a poor debate performance and a COVID-19 diagnosis.
• The announcement caused significant market reactions, with memecoin prices fluctuating and Bitcoin briefly dropping before recovering.

On the evening of July 21, President Joe Biden announced he would not seek re-election in 2024, instead supporting Vice President. Kamala Harris as the Democratic candidate.

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Joe Biden Presidential Campaign Has Been Kicked Out of the 2024 Election

Biden did not specify a reason for his withdrawal, but stated it was for the best of the party and the nation. This decision follows over three weeks of pressure from Democratic allies after a subpar debate performance against former President Donald Trump in late June.

Joe Biden presidential campaign has seen a decline in voter support due to his recent debate performances and a COVID-19 diagnosis, which required him to quarantine during a critical campaign period. Speculation about his withdrawal had been mounting, with the prediction platform Polymarket showing an 80% likelihood of him stepping down.

In his statement, Biden expressed strong support for Harris with her role in the 2020 election and her recent campaigning in swing states. Harris has been a prominent figure in promoting women’s abortion rights and has access to the financial resources of the Biden-Harris campaign.

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Market Reactions to Biden’s Announcement

Analysts, including Guy LeBas from Janney, remain uncertain about how Joe Biden presidential campaign withdrawal will affect markets, noting the lack of clarity on how a Harris administration might differ from a potential Biden second term in terms of economic policy. However, Harris’s established political presence and campaign resources position her as a strong candidate moving forward.

The announcement had immediate market impacts. The price of the memecoin Jeo Boden (BODEN) plummeted over 60%, while tokens linked to other potential candidates surged, with the Kamala Horris token rising over 100%. Bitcoin briefly dropped from $67,400 to $65,700 before rebounding to nearly $68,500.