Bitcoin has rose to $66,716 after dropping to $54,000, and other cryptocurrencies like Ethereum and Solana are also indicating a possible bull run. This rise is due to several factors, including the unexpected exit of President Joe Biden from the race for the 2024 presidential election, suggesting the start of a strong market recovery.
Biden’s exits from the elections
Biden’s decision to leave the race, reportedly due to health concerns, has reshaped the political field. Kamala Harris is now leading the Democratic charge, adding new dynamics to the presidential race.
Meanwhile, rumors are swirling that BlackRock CEO Larry Fink could become the next Treasury Secretary if Donald Trump wins the presidency. These developments had immediate and notable effects on the crypto market.
Rise in the Memecoins market
Following Biden’s withdrawal announcement, Bitcoin initially fell 2.8% to $65,800, but quickly rebounded to $67,600, an increase of 2.7%. Meanwhile, Biden’s withdrawal triggered liquidations of $67 million in long positions in 30 minutes, reaching $134.5 million in 12 hours.
However, the politically themed memecoin market has seen significant fluctuations. While the Joe Biden-themed memecoin, BODEN, saw a steep decline of 56.8%, while the Kamala Harris-themed memecoin, KAMA, jumped 77.4%.
The Donald Trump-themed memecoin MAGA remained unchanged. Additionally, Solana grew by 4.6% in the last 24 hours.
The trader profits 8,200% on KAMA Coin
Notably, one trader made an 8,200% profit on KAMA, turning a $960 investment into $77,800 in three weeks. Elon Musk added to the market buzz by changing his X profile picture to a laser eye meme, symbolizing the bullish sentiments in the crypto community.
Republican victories against Democrats
Looking ahead, if the Republican Party wins, Donald Trumpknown for its pro-crypto stance, could push for Bitcoin to become a strategic reserve asset for the United States. Currently, the United States holds 212,800 BTC, valued at approximately $15 billion, as well as a gold reserve of $600 billion. This could lead to an increase in Bitcoin holdings and a potential bull market.
If the Democratic Party wins, even if it cannot establish Bitcoin as a strategic reserve, it should continue to build a regulatory framework that supports crypto’s growth. This year, their acceptance of BTC and ETFs shows their commitment to integrating crypto into the financial system.
Regardless of who wins the upcoming election, the crypto market is poised for significant changes, possibly heralding a new bull run.
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