Biden's exit from the 2024 presidential race could boost crypto assets like Bitcoin, but analysts urge caution regarding a massive rally.
President Joe Biden's unexpected withdrawal from the 2024 presidential race has stirred market reactions, particularly within the crypto sector. While some analysts see this as a potential boost for Bitcoin and other cryptocurrencies, others advise tempering expectations.
Key Points:
Immediate Market Reaction:
Bitcoin briefly dipped 2.8% to $65,800 following Biden's announcement.
The price quickly recovered, rising 3.6% to over $67,000.
Analysts Perspectives:
Josh Gilbert, eToro: Views Biden's exit as a "win for crypto assets," suggesting Trump's reelection could benefit the crypto market.
Markus Thielen, 10x Research:
Speculates Trump might announce Bitcoin as a strategic reserve at the Bitcoin 2024 conference.
Pav Hundal, Swyftx:
Warns against expecting an immediate surge, suggesting recent price action may be due to Ethereum ETF speculation.
Potential Political Implications:
Trump's campaign has emphasized support for Bitcoin and cryptocurrencies.
Uncertainty remains about whether other Democrat candidates can challenge Trump's lead.
Market Sentiment:
Mixed reactions among analysts about the impact of Biden's exit on crypto.
The upcoming Ethereum ETF launch is important as a catalyst for market growth.
Caution Advised:
Analysts like Gary Black caution against assuming a Trump victory is assured.
Emphasis on the need for investors to remain cautious in the short term.
While Biden's withdrawal from the 2024 race has created a buzz in the crypto market, analysts recommend cautious optimism. The potential for a Trump presidency could influence crypto positively, but the political landscape remains uncertain.
Source: Cointelegraph
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