BTC Drops Below $66k Before Recovering Above $67k as Biden Drops Out of Presidential Race

TL;DR

• BTC briefly dropped below the $66k level on Sunday evening after President Joe Biden announced that he was dropping out of the presidential race.

• The leading cryptocurrency has since recovered and is now trading above $67k once again.

BTC Briefly Drops Below $66k on Biden News

Bitcoin, the leading cryptocurrency by market cap, experienced a wild price swing on Sunday evening following events in the United States.

President Joe Biden announced on Sunday evening that he was dropping out of the presidential race following weeks of pressure from the Democratic Party. The news saw Bitcoin dump below $66k after trading above $67k for most of the weekend.

pic.twitter.com/RMIRvlSOYw

— Joe Biden (@JoeBiden) July 21, 2024

However, BTC recovered instantly and is now trading above $67k per coin once again. President Biden endorsed Vice President Kamala Harris for the presidential candidacy. Biden said,

"Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year. Democrats – it's time to come together and beat Trump. Let's do this"

Former president Donald Trump was the favorite to win prior to today. However, with the Democrats set to present a new candidate, it is left to be seen how the odds of another Trump presidency will be.