Joe Biden Withdraws from Candidacy, BODEN Prices Drop

Bittime - United States President Joe Biden will not seek re-election in the 2024 US Presidential Election. In a statement on Sunday, Biden said that this step was taken in the interests of the party and the country. Biden also gave his full support and official endorsement to Vice President Kamala Harris as the Democratic nominee in a post on X.

Pressure to Withdraw

Biden has faced increasing pressure to step down in recent weeks. Several current senators and even former President Barack Obama have reportedly suggested that he withdraw from the race. The pressure intensified after a weak debate performance last month sparked discussions about Biden's possible replacement as presidential candidate.

Check Today's Crypto Market:

Over the past week, prominent Democrats, including Senate Majority Leader Chuck Schumer, have suggested Biden should step down. Former House Speaker Nancy Pelosi also said that polls show Biden cannot defeat the Republican nominee, former president Donald Trump, and added that Biden's candidacy could "destroy Democrats' chances of winning the House."

Impact on Cryptocurrency Markets

The news of Biden's resignation had a significant impact on the cryptocurrency market, especially the Jeo Boden (BODEN) memecoin. BODEN prices dropped drastically by 44% after the announcement. On the other hand, tokens for other potential candidates experienced a significant increase. A memecoin named Kamala Horris rose 52% and a memecoin Gabin Noosum jumped 115%.

Tokens named after Republican presidential candidate Donald Trump also saw gains. Doland Tremp, the main memecoin associated with Trump, is up 24% since the news broke.

Donald Trump's reaction

Donald Trump responded to Biden's announcement with a post on Truth Social, writing in part, "Joe Biden is not fit to run for President, and is certainly not fit to serve - And never was!"

Polymarket Prediction Market

On the Polymarket prediction market, Biden's chances of winning the election have fallen below 1%, while Kamala Harris is now at 26%. Trump held steady at around 63%. Polymarket contracts currently put Harris' chances of being the Democratic nominee at 81%, with 'Other' candidates at 12%.

Challenges for Democrats

With the Democratic Party preparing to choose a presidential nominee at next month's Democratic National Convention in Chicago, it remains unclear whether the party will follow Biden's endorsement and nominate Harris. Some potential Democratic candidates besides Harris include California Governor Gavin Newsom, Illinois Governor J.B. Pritzker, and Michigan Governor Gretchen Whitmer.

Harris and Whitmer have not taken a firm stance on crypto. Newsom is optimistic about Web3 and innovation, but less so about crypto. Cody Carbone, vice president of policy for the Chamber of Digital Commerce, said last month, "Newsom is forced to be neutral on cryptocurrencies, if not somewhat pessimistic, but quite optimistic about Web3 in general and innovation, which I think is a good thing."

Also Read How To Buy Crypto:

Conclusion

Joe Biden's withdrawal from the 2024 presidential race has created significant political uncertainty and a major impact on cryptocurrency markets. BODEN's price plummeted, while other candidate-related tokens experienced increases. With these changes, markets and investors will continue to monitor further developments to assess the long-term impact on the cryptocurrency sector and US politics.

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.