US presidential candidate Robert F. Kennedy Jr. introduced his choice to withdraw from the 2024 presidential race and endorse former President Donald Trump throughout a press convention in Arizona on Aug. 23.
The announcement, mixed with Fed chair Jerome Powell’s bullish speech earlier within the day, prompted Bitcoin (BTC) to surge 2.5% previously hour and retake the $63,500 value degree.
The flagship crypto was buying and selling at $63,750 as of press time, up nearly 6% over the past 24 hours, based mostly on CryptoSlate information.
Endorsing Trump
RFK mentioned he has determined to endorse Trump as a result of he helps free speech, the youngsters, and ending the struggle in Ukraine. Notably, the 2 are additionally aligned of their assist for Bitcoin and the digital asset trade.
RFK mentioned throughout that he not too long ago met Trump and his household in Florida, the place they agreed to hitch forces. RFK additionally revealed that he made makes an attempt to achieve Vice President Kamala Harris, however she refused to fulfill him.
RFK mentioned his marketing campaign wouldn’t finish however could be suspended in key jurisdictions. The speech got here a couple of minutes after his marketing campaign declared in a submitting with the Pennsylvania court docket that he was endorsing Trump.
Kennedy has requested to be eliminated from the Pennsylvania poll following his withdrawal from the Arizona poll on Aug. 22.
Regardless of withdrawing from the race, RFK Jr. stays on the poll in a number of crimson and blue states. His technique hinges on the potential for a contingent election, which may happen if neither main occasion candidate, particularly Harris or Trump, secures the mandatory 270 electoral votes, leading to a 269-269 tie.
In such a situation, the election could be determined by the Home of Representatives, the place RFK Jr. may theoretically place himself as a compromise candidate, probably resulting in an surprising path to the White Home.
Markets proceed optimistic momentum
Bitcoin’s vital surge was mirrored by different main cryptocurrencies, together with Ethereum (ETH) and Solana (SOL). ETH climbed 1.8% in a couple of minutes after the Pennsylvania submitting turned public, reclaiming the $2,700 space, whereas SOL is nearing the $150 after a 2.6% surge.
The information additionally sustained the momentum within the US equities market, because the S&P 500, Nasdaq, and Dow Jones are up by 1%, 1.3%, and 1%, respectively.
Nevertheless, the Polygon-based prediction market Polymarket has but to indicate a optimistic shift towards Trump’s odds of profitable the elections. On the time of writing, Kamala Harris’ odds are at 49% after climbing 2% on the day, whereas Trump’s have known as to 50%.
Bitcoin Market Knowledge
On the time of press 8:44 pm UTC on Aug. 23, 2024, Bitcoin is ranked #1 by market cap and the value is up 5.49% over the previous 24 hours. Bitcoin has a market capitalization of $1.26 trillion with a 24-hour buying and selling quantity of $36.39 billion. Be taught extra about Bitcoin ›
Crypto Market Abstract
On the time of press 8:44 pm UTC on Aug. 23, 2024, the overall crypto market is valued at at $2.24 trillion with a 24-hour quantity of $76.1 billion. Bitcoin dominance is at the moment at 56.09%. Be taught extra in regards to the crypto market ›
