Bitcoin plummets to $ 66,000 after Joe Biden’s statement

The cryptocurrency market reacted to Joe Biden’s announcement with a short-term drop. The rate of the flagship cryptocurrency dropped sharply from $ 67,500 to $ 66,000 in a few minutes after it became known that the current US president had withdrawn his candidacy from the US presidential election.

According to numerous experts, this event could affect the cryptocurrency sector in both the short and long term. Forty minutes after Biden’s announcement, BTC quotes recovered to $ 67,000.

In the short term, markets may face increased volatility. Biden’s withdrawal from the race may cause uncertainty among investors, which often leads to price fluctuations, including in digital currencies. Many investors may start looking for safe assets, which could temporarily boost demand for bitcoin and other cryptocurrencies, which are often seen as «digital gold.»

However, others may adopt a wait-and-see attitude, which could lead to a decline in trading activity on the markets. In the long run, the impact of this event will depend on further developments in the US political situation.