The recent announcement made by US President Joe Biden sent shockwaves through the cryptocurrency market, causing a sudden crash in prices. Bitcoin, along with other popular coins like Dogecoin and Shiba Inu, saw a significant drop in value, with $2,000 being wiped off the Bitcoin price in just a few minutes. This brought the price of Bitcoin back below $66,000, triggering concern among crypto investors.
President Joe Biden’s surprising revelation that he was stepping down from the presidential race and endorsing Vice President Kamala Harris as the Democratic Party’s candidate had a direct impact on the market. Biden’s decision to focus on his duties as president for the remainder of his term and prioritize unity within the party led to a sharp decline in cryptocurrency prices.
Following Biden’s announcement, the crypto market responded swiftly, with Dogecoin and Shiba Inu experiencing a 3% drop in value. However, the recovery was equally rapid, with Bitcoin reaching new monthly highs and surpassing $68,000. This positive momentum carried over to Dogecoin and Shiba Inu, both of which saw notable gains from their lows.
While Dogecoin managed to bounce back above $0.14 after a brief dip below $0.128, Shiba Inu also saw an increase in price from $0.0000173 to $0.0000184. Despite the price recovery, Shiba Inu’s daily trading volume remained relatively low compared to Dogecoin, indicating a difference in investor sentiment towards the two coins.
Despite the initial price drop, Bitcoin continues to exhibit strong bullish momentum, holding the $67,000 support level post-recovery. The cryptocurrency has seen a 12% increase in price over the past seven days, reaffirming its position as the market leader.
President Joe Biden’s announcement had a notable impact on the cryptocurrency market, causing a temporary price drop followed by a swift recovery. While the initial shockwave led to uncertainty among investors, the resilience of Bitcoin and other major coins demonstrated the market’s ability to bounce back from sudden fluctuations. As the political landscape continues to evolve, it is essential for investors to stay informed and adapt to changing market conditions.
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