The recent crash in the Bitcoin price has left many investors reeling, with $2,000 being wiped off in just a few minutes. This sudden decline brought the price back below $66,000, causing a ripple effect across the entire crypto market. The main catalyst behind this drastic drop was the unexpected announcement made by US President Joe Biden, which sent shockwaves throughout the industry.
In a surprising move, President Biden declared that he would be stepping down from the presidential race, stating that he would focus on fulfilling his duties for the remainder of his current term. This announcement, made on a platform like X, garnered over 330 million views, showcasing the impact of his decision. Furthermore, Biden offered his support to Vice President Kamala Harris to take on the Democratic Party’s presidential ticket and urged party supporters to unite against former President Donald Trump.
Following President Biden’s announcement, the crypto market reacted swiftly, with the Bitcoin price plunging sharply. This led to other altcoins like Dogecoin and Shiba Inu also experiencing a drop of around 3% each. However, the recovery was just as rapid, with Bitcoin reaching new monthly highs and surpassing $68,000 on the same day. This surge in price pulled other coins along, including Dogecoin and Shiba Inu, which saw notable gains after hitting their lows.
Despite the initial dip, both Dogecoin and Shiba Inu managed to bounce back from their lows. Dogecoin’s price rose above $0.14, recording a daily gain of over 4% and a significant increase in trading volume. On the other hand, Shiba Inu saw its price rise from $0.0000173 to above $0.0000184, although its daily trading volume remained relatively low compared to Dogecoin. The overall bullish sentiment in the market has helped stabilize prices, with Bitcoin maintaining the $67,000 support level after the recovery.
The impact of President Biden’s announcement on the cryptocurrency market was significant, causing a momentary panic but ultimately leading to a quick recovery. The resilience of Bitcoin and other altcoins in the face of such news highlights the volatile nature of the industry. As investors continue to navigate through uncertain times, it is essential to stay informed and adapt to sudden market shifts to make informed decisions.