US presidential candidate Robert F. Kennedy Jr. introduced his determination 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, precipitated Bitcoin (BTC) to surge 2.5% prior to now hour and retake the $63,500 worth degree.
The flagship crypto was buying and selling at $63,750 as of press time, up virtually 6% during the last 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 kids, and ending the battle in Ukraine. Notably, the 2 are additionally aligned of their assist for Bitcoin and the digital asset business.
RFK mentioned throughout that he lately met Trump and his household in Florida, the place they agreed to affix forces. RFK additionally revealed that he made makes an attempt to succeed in Vice President Kamala Harris, however she refused to satisfy him.
RFK mentioned his marketing campaign wouldn’t finish however can be suspended in key jurisdictions. The speech got here a couple of minutes after his marketing campaign declared in a submitting with the Pennsylvania courtroom that he was endorsing Trump.
Kennedy has requested to be faraway 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 pink and blue states. His technique hinges on the potential of a contingent election, which may happen if neither main get together candidate, particularly Harris or Trump, secures the required 270 electoral votes, leading to a 269-269 tie.
In such a state of affairs, the election can be determined by the Home of Representatives, the place RFK Jr. may theoretically place himself as a compromise candidate, doubtlessly resulting in an surprising path to the White Home.
Markets proceed optimistic momentum
Bitcoin’s important 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 referred to as to 50%.
On the time of press 8:44 pm UTC on Aug. 23, 2024, Bitcoin is ranked #1 by market cap and the worth 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 ›
On the time of press 8:44 pm UTC on Aug. 23, 2024, the full crypto market is valued at at $2.24 trillion with a 24-hour quantity of $76.1 billion. Bitcoin dominance is at present at 56.09%. Be taught extra in regards to the crypto market ›
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