Biden steps down: Bitcoin reacts and markets brace for impact
Joe Biden is stepping down from running for the office of President of the United States, Biden announced in a statement on platform X. After the president’s announcement, the bitcoin exchange rate reacted. We will see the broader market's reaction only after midnight Eastern Time when Asian investors return to work.
4:14 PM EDT, July 21, 2024
"It has been the greatest honor of my life to serve as your President. And while it has been my intention to seek re-election, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term," Biden wrote.
He added that he will say more about his decision in the coming days. In response to the U.S. president’s decision, the bitcoin rate initially dropped by nearly 1.2 percent, only to erase losses and reach 66,400 USD after a few minutes.
We observed similar fluctuations in cryptocurrency exactly one week ago when there was an attempted but failed attack on Donald Trump during the Republican convention. The market's first reaction to these events was an increase in the bitcoin rate by 2.7 percent to 60,161 USD. Analysts link this increase to improved chances of Trump being re-elected as shown by data from the PredictIt platform. The full market reaction will be observed only during the night from Sunday to Monday when Asian markets open.
"Today, America has the strongest economy in the world," Biden wrote. " We've made historic investments in rebuilding our nation, in lowering prescription drug costs for seniors, and in expanding affordable health care to a record number of Americans. We've provided critically needed care to a million veterans exposed to toxic substances. Passed the first gun safety law in 30 years. Appointed the first African American woman to the Supreme Court. And passed the most significant climate legislation in the history of the world. America has never been better positioned to lead than we are today."
Biden emphasised that "together, we overcame a once in a century pandemic and the worst economic crisis since the Great Depression. We've protected and preserved our democracy. And we've revitalised and strengthened our alliances around the world."
He noted that serving as president has been the greatest honour of his life. "While it has been my intention to seek re-election, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term," he stated.
Biden thanked Kamala Harris
He added that he will address the nation this week and explain the reasons for his decision.
For now, let me express my deepest gratitude to all those who have worked so hard to see me re-elected. I want to thank Vice President Kamala Harris for being an extraordinary partner in all this work. And let me express my heartfelt appreciation to the American people for the faith and trust you have placed in me," he wrote.
"I believe today what I always have: that there is nothing America can't do - when we do it together. We just have to remember we are the United States of America.
