Bitcoin Price Rises to $68,000, Effect of Joe Biden Withdrawing from the Candidates?

Bittime - The price of Bitcoin (BTC) recorded another significant surge, breaking through the $68,000 mark. This increase is thought to be related to the latest news regarding President Joe Biden who decided to withdraw from his candidacy for the next presidency. 

Influence of Political News on Crypto Markets

Bitcoin price increases are often influenced by various factors, including political news. Joe Biden's withdrawal from the presidential nomination has created uncertainty in traditional markets, which has resulted in increased investor interest in crypto assets as a form of hedging.

According to market analysis, political news can trigger crypto asset price movements as investors look for more stable alternatives amidst economic and political uncertainty. Bitcoin, as a leading crypto asset, is often the go-to choice in these kinds of situations.

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Market Reaction to Biden's Decision

Joe Biden's decision not to seek re-election in the 2024 presidential election surprised many parties and triggered immediate reactions in various financial markets. Major stock indices such as the S&P 500 and Dow Jones experience significant fluctuations. On the other hand, the crypto market, especially Bitcoin, is actually showing a positive trend.

This increase in Bitcoin prices reflects the market's response to political uncertainty. Investors who are concerned about future economic stability tend to turn to Bitcoin, which is considered a safer, inflation-resistant asset.

Prediction and Analysis

Source: Altcoin Daily

Experts predict that Bitcoin prices could continue to rise if political and economic uncertainty in the United States continues. However, it is important to remember that the crypto market is highly volatile and price changes can occur quickly.

In the short term, if political uncertainty worsens, Bitcoin and other crypto assets could continue to attract investor interest. However, in the long term, price movements will largely depend on global economic developments and the adoption of blockchain technology.

Also Read How To Buy Crypto:

Conclusion

Bitcoin's price rise to $68,000 shows how political news can affect the crypto market. Joe Biden's withdrawal from the 2024 presidential nomination creates uncertainty that triggers a surge in Bitcoin prices as a form of hedging by investors.

However, keep in mind that investing in crypto assets carries high risks and requires in-depth analysis and a good understanding of the market. Investors should always follow the latest news developments and do research before making investment decisions.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.