Summary:
Bitcoin plunged to $63,500, down 1.7% in the past 24 hours, as speculation about Biden's presidential run intensified.
Prediction markets now see an 80% chance of Biden dropping out, with Trump's chances to win increasing.
The crypto market's recent rebound, fueled by Trump's potential victory, appears to be waning.
The uncertainty surrounding the U.S. presidential election is impacting both the crypto and equity markets.
The potential for significant shifts in crypto regulation under a Trump administration remains a key factor influencing market sentiment.
Bitcoin Slumps Amidst Biden's Uncertain Future
Bitcoin (BTC) took a nosedive on Wednesday, dropping to $63,500 from $65,000 in just two hours. This decline comes amidst growing speculation surrounding Joe Biden's presidential race.
Prediction markets are now seeing an 80% chance of Biden dropping out, up from 40% the previous day. This has led to a shift in favor of Donald Trump, who is seen as more crypto-friendly.
The crypto market's recent rebound, fueled by the possibility of a Trump victory, seems to be waning. The broader crypto market also experienced losses, with the Coindesk 20 Index (CD20) falling by 2.8%. Smaller digital assets like XRP, DOT, ADA, and MATIC saw even more significant declines.
The uncertainty surrounding the U.S. presidential election is creating a sense of unease in the markets. This has also impacted U.S. equities, with the Nasdaq 100 and S&P 500 experiencing further declines.
The future of crypto under a Trump administration remains a topic of much discussion. While Trump has expressed support for the technology in the past, his policies on cryptocurrency are yet to be fully defined.
Overall, the market seems to be reacting to the evolving political landscape, and the potential for significant shifts in crypto regulation. This situation is likely to remain fluid in the coming days and weeks, with investors closely watching the developments in the U.S. presidential race.
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