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The crypto market has been the first to react to President Joe Biden's sudden decision to drop out of the US presidential race and endorse Vice President Kamala Harris as the democratic candidate.
As investors considered the fallout from Biden's decision to drop his re-election campaign, Bitcoin's price rose to its highest point in more than a month.
On Monday, as markets responded to the prospect of a matchup between pro-crypto Donald Trump and VP Harris, the largest digital asset rebounded from initial losses to hover around $68,000.
The crypto market's immediate knee-jerk reaction was based on uncertainty as Trump's campaign must be reorganized.
Over the past few months, the campaign has focused on Biden's gaffs and inability to lead. However, Trump's campaign must now consider who the opposition will be and strategize accordingly.
Meanwhile, over in memecoin land, Jeo Boden (BODEN) has crashed over 60.3% while Kamala Horris (KAMA) has surged 86.2% over the last 24 hours.
Trump-themed coin, MAGA (TRUMP), has slipped 8.5% over the same period, perhaps reflecting the uncertainty in the GOP's post-Biden strategy.
In 2019, Trump, the former president (and recently self-titled 'Crypto President'), voiced his disapproval of cryptocurrencies, saying that their worth is dependent on "thin air" and that they may facilitate drug trade and other illegal activities.
But with another heated presidential campaign and millions of dollars in donations, he has made a U-turn.
Blockhead
According to Trump's supporters, who were hoping for a change in his political fortunes after the July 13 assassination attempt, the soon-to-be Republican candidate has endorsed crypto lobbyists.
Blockhead
If Trump wins, the following issues would rank highest among corporate interests: To begin, the government takes a more hands-off approach to dealing with cryptocurrency companies than Biden did following the FTX exchange crash and other scandals, bankruptcies, and criminal accusations.
Blockhead
Trump even has plans to launch a 4th NFT series and there are talks that he might announce adding BTC to the Treasury in his upcoming speech at the Bitcoin 2024 Conference.
While Trump has made clear his interest in cryptos and has even called himself a 'crypto champion,' very little is known about Harris's attitude.
The bets showing a rise in crypto prices reflect a Trump victory. Or something that crypto investors know, which none of us do.
Trump is expected to deliver a speech at a Bitcoin conference in Nashville on July 27, continuing his noticeably pro-crypto trend of recent months.
On the same day as the conference, the Republican presidential contender will have a fundraiser, asking guests to donate $844,600 per seat.
Harris' attitude towards crypto will become clear in the coming weeks.
Earlier this month, US lawmakers failed to override Biden's veto against a Senate vote to withdraw an SEC accounting policy that would require companies to list their crypto assets on their balance sheets. Harris's stance on the bill is unknown.
Blockhead
Whilst little is known about Harris's stance on crypto, Trump's newly appointed VP, JD Vance, has earned the seal of approval from the crypto world.
The 39-year-old Iraq war veteran and "Hillbilly Elegy" author not only has a history of voting in favor of pro-crypto legislation but also proudly holds Bitcoin (between $100,000 and $250,000 as of 2022 according to Vance's annual report) and has been vocally critical of Securities and Exchange Commission (SEC) chair Gary Genlser's approach to the industry.
Blockhead
