- Joe Biden has officially withdrawn his candidacy from the election
- He has endorsed Vice President Kamala Harris
- The uncertainty of the election campaign has boosted gold prices
- Donald Trump’s chances of returning to the white house have risen
Joe Biden is officially out of the presidential race and has endorsed Vice President Kamala Harris for his seat.
The abrupt departure of Joe Biden, although expected by some, has created uncertainty in the Democratic presidential campaign and has directly affected markets and asset prices.
Specifically, with gold prices rising in recent weeks, spot gold rose 0.2% to $2,405.02 an ounce.
What Does Joe Biden Quit Mean for the Politics and the Crypto Market?
Many believe it could significantly increase the chances of former President Donald Trump returning to the White House in this election. And especially considering that after the recent assassination attempt, his ratings are already up, which you can read more about here.
Also, all this fuels investors’ attention to assets more independent of the dollar, which can be affected by politicians’ uncertainty and, as a consequence, the U.S. economy.
The price of gold’s rise immediately after Biden’s exit from the presidential race is seen by many as a clear indicator of this.
It looks like Bitcoin has already entered an interesting win-win situation with several powerful factors. Now, it could experience price rises because investors may be unsure about the U.S. dollar and the U.S. economy.
At the same time, Bitcoin could experience price rises because investors may believe in Donald Trump’s strategy and initiatives to empower the U.S. economy and push crypto forward.
Historical events unfold before our eyes, and they directly impact global politics and the economy, so we need to monitor their dynamics very closely.
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