Bitcoin Forum

Biden sudden move to abandon the 2024 presidential race could be a "hug boost" for cryptocurrencies and other assets said the crypto analyst predicted.

Guys what your take on this??

This thread suite best at speculations board, since it about bitcoin price speculations, here is the link to speculations board: https://bitcointalk.org/index.php?board=57.0

Now back to the discussion as for what is responsible for the current bitcoin price movements where bitcoin moved quickly to above $67k price and pointing to possible touch 68k in no time from now, since the buy orders are accumulating more than sell other which is an indication of a further uptrend direction demands.


I can't associate the current bitcoin price break out to any political events but then we can't deny the possibility of political events and news being responsible for bitcoin price actions, so Biden exit may contribute to it even as its not clear that is the case.

I don't think it's something that should trigger a bull run.

Bull runs should have a strong foundation. One of such foundations is halving and a subsequent increase of the floor price for new bitcoins coming to the market.
Could you call the US president a strong foundation? We're talking about a man who once criticized bitcoin. A man who can change his mind, like many others did once they were chosen.

Also, I feel like Trump had much greater chance to win against Biden who couldn't distinguish Putin from Zelensky. Kamala is dumb, but she's going to appeal to women, unlike the man who said they should be grabbed by the pussy :D

Nope, Biden's in or out won't matter much when it comes to bull run. I believe ETFs have played their role in adding huge boost to crypto market and the rest was played by the halving event. I know the Bitcoin's price wasn't impacted too much by halving event but it will surely help to accelerate the intensity of the bull run.

In fact I believe we're already in bull market and within time it may get more intense and that's why either Trump or Biden won't matter, they might be good as subject of useless meme coins but they play no role in improving the conditions of the market.

If Trump's saying good things about crypto then that's okay but we don't need to trust him with close eyes because politicians are known for their U-Turns and Trump may also take a U-Turn after getting elected as president of US.

Same here as well, bitcoin is known for this we already have it in mind that being a volatile digital currency, the market can rise and fall at any time, maybe we should just admit on this recent occurrence as a coincidence, politics is a different thing and that may not have to depend on the market supply or demand in which bitcoin market price is based upon, moreover, there is no clear intention that Biden is quitting, all these were just mere speculations in causing for FUD.

It can be... or it can be not.
What I do know is that, one event isn't enough for the bull run to start. It will requires series of good events that will put the investors into a state of "Euphoria" that will force them to buy Bitcoin and other altcoins because of what's happening globally.

This withdrawal of Biden from the presidential race might be one of the catalysts since many crypto investors in the US doesn't want him since he isn't supporting them. On the other hand, Trump who is the front runner "SUPPORTS" them. These political events doesn't have a direct impact towards the crypto market, but this and other events might change the sentiments of the investors which directly affects the prices. This event might have a long-term effect on the crypto, but like I said, this will not be enough for the bull run to start.

Are we in the bull run phase already? I don't think so, and I still can't feel the fact that people are panicking - to buy more Bitcoin. :D

Don't expect anything from current political events since that doesn't dictate anything. Maybe it can do something with regulation but I don't think those events could trigger a bull run. Demand is the main reason why we could experience that scenario and I don't think that happens when Biden step out since that event doesn't change anything.

Maybe if Trump successfully acquire the presidency then he announce that America will separate some funds to buy Bitcoin in support of this technology then provably that we could able to see the demand will go higher and that possibly could trigger a bullrun.

But with that scene I guess bitcoin will perform the same.

 I won't attribute Bitcoin's increase to Biden stepping down at all cause that will seem unfair. If anything, we're seeing such bull run thanks to the effort of Trump and the fact that he's not relenting even with the assassination attempt on his life.
More people are confident to put their money in Bitcoin to support the campaign from what I see and that too could cause the rise in price.
 

But investors need something to fuel and put their money on Bitcoin so that we will have this bull run. Nevertheless, after the news it really push as high as $68,500. However, it has settled down a bit as we are seeing minor dip in the last 24 hours to $66k.

Still early though, not sure how strong Harris is against Trump, the score hasn't changed a bit, it seems that the Americans are favoring Trump this November. So most likely if there will be another massive pump, it could still be this November when Trump win and then triggering till early next year when he official sits at January.

Even if Joe Biden is not out of the United States presidential race, bitcoin will still later increase because it is likely that Donald Trump would be the next president of the United States even if Joe Biden contestant in the presidential race. Joe Biden party might probably have seen that Joe Biden might lose and making new strategies to make sure that Donald Trump will not win. If Donald Trump won, I think the market would be bullish that day. But regardless of this, be it anyone that wins, bitcoin is still an asset with increasing value.

She can have a fighting stance against the ex president as most of her leading rivals have endorsed her, same with speaker of the House, Nancy Pelosi. Contrary to beliefs, many people don't really dance to Trump's tunes and still have a distate that he's even a candidate. She can use this aversion to her benefit if she can convince the centrist in important states and energize the Democratic base who have been in the past few weeks, swinging towards a state of uncertainty, to equal or rival the enthusiasm many on the right hold for the former president.

Even if Biden chooses to continue with his Presidential bid against Trump, crypto will still be a big boost as we are in the bull run season and we are just waiting for the right time to see the price suddenly zoom out and go on parabolic rise. But it could be the after effect of Trump, who declared himself to be pro crypto and there party are putting crypto in front of their policies. But there are still months to go, Harris will be the new nomination so let's see how fare he can go against Trump. It might be a task for Kamala and her party to overcome Trump though. In any case, if we can still continue to do DCA before the price goes off at the end of the year, then we should all do it and save and accumulate as much as we can.

One theory that I've read is that most of the Trump supporters are also into Bitcoin and that's why we're seeing a pump.  ;D

Seriously, without this election, the bull run will come smoothly. But I'm starting to play with a thought that this bull run might be even bigger after this election.

And can't deny that fact that the politics in the USA has affected the Bitcoin market this time.

She could have, but for now the numbers doesn't seems to be likely favoring her. And it's obvious that she will be endorsed by anyone, but I guess even if they do, Trump is leading as per the data and it's going to be very hard to overtake. And if we talk about crypto, this is the breaking point for Trump as it looks like he got a positive nod from Bitcoin supporters already.

So you can't discount that Trump, couple with the news goods with him picking Vance as his VP, they will have to do something drastic to overcome him. And probably this is what they have decided, but still Harris is not that well known to voters while Trump is making headlines and push the price of Bitcoin to almost $70k.

Yeah, I think Biden being out could be great for crypto. Because dem candidate (probably Kamala) could be pro-crypto as well, these people are on the side of whoever pays them, and Kamala could be bought as well and would do better for crypto world.

This means, whoever wins, we have a shot have having a better future for crypto in the USA , that should be something to be excited about. I am not saying that will be the case, I am just saying that it is a good possibility that we can see that happening, not unlikely. I believe that we are going to see things change easily as well, we just need to make sure that it is not really that bad, we could probably do something nice with it. Obviously it is not going to be too simple, it is going to take a while.

It is possible that for some investors they see this as positive news, because with Biden's resignation it makes Trump come forward as the strongest candidate, which we know that he came with good promises in the world of Bitcoin, and that made his way to becoming president became smoother and made investors more confident that he could become president and realize his promises. However, I'm not so sure that it can bring a bullrun, because to achieve a bullrun it can't only be achieved with Trump as president, but it must also be supported by other positive news, but it does provide positive things to the market.

Not surprised about that because like you mentioned Trump has Bitcoin supporters rooting for him and you don't expect a woman who Biden kept as a ceremonial figure to fill in for him should Incase matters like this arise? We all know she doesn't stand a chance against Trump on a good day but the votes and the outcome of the debates can prove otherwise.
Trump is at the forefront of every Bitcoin price headline at the moment and that shouldn't be surprising with how much energy he's got going. You know what makes for a good story? A convicted felon championing for Bitcoin. It will make naysayers tongues wag but then we know how resilient he is and won't let that faze him and continue to do what he's doing. If anything, this new rival in Harris Kamala will bring out Trump's harshest instincts.

What a funny reason to correlate with Bitcoin price, Biden out, Trump dead, Elon Musk in, Xi Jinping takeover US etc. Bitcoin price is depend on supply and demand, not from someone else including a president.

Even Biden is out from the election, it doesn't mean Trump or anyone else can make a decision without Biden. Biden is still the president, so he can do anything until Trump will officially back become a president.

People will not stop to amaze me, Biden is still the US president and that will not change till 2024, not to mention the fact that he nominated someone with the same view. Why would the market react so much to that? People always like to point fingers at happening and just find whatever excuses that come to their heads for Bitcoins' woes and appreciation.

In my understanding of what is happening now, the trend of the market was already bullish before Biden declared his withdrawal from the presidential race. This will not magically stop the market trend, and more reason why this claim doesn't hold water is that the market didn't react strangely after the declaration till now. Besides, Biden's administration is not anti-crypto as widely spread, they are only trying to regulate it.

Biden and Trump may create an effect to bitcoin but I don’t think the whole pump of bitcoin these days are only attributed to Biden or Trump, but it’s probably the right time for bitcoin price to skyrocket again after its price has dumped few days ago. Let’s just say when its demand, adoption and its market sentiments are doing in favor of the market, the whole price of bitcoin will certainly be moving upward, not the other way around.

Yes, I do love me some "hug boost". Honestly don't know anything about Trump, other than he has to win this now but have a feeling even if he doesn't do squat for Bitcoin, the pricing in and expectation of it will actually buoy Bitcoin for a bit.


And yet for some reason demand will go through the roof if everyone's best friend and their mom believes Trump can be good for Bitcoin (price). Funny, agree, but logic doesn't usually apply uniformly in Bitcoin, I find.

Yea there is no denying the fact bitcoin it self stands strong against any manipulation, so no individual can actually manipulate bitcoin, what impacts the market price of bitcoin is just the demand and it’s supply, bitcoin is a very great asset that we all know will get better in terms of demand and over a long period of time price will grow that’s why the plan is always to invest in it for a very long term, it’s just pure economics.

But we all know that there are events that are catalysts to the demand or supply of bitcoin, a strong example is the halving which it’s period is usually a time of high demand for bitcoin. Other than that there are other catalyst again mostly propagated by news outlet, example is the sells of bitcoin by the Germans which Incited a FUD and later went to create a large supply and a dip occured.

In my opinion the US election definitely has its own ability to cause create a supply or demand catalyst, even though it is not that huge but it is already in play. Trump takes side with bitcoin anything positive from him will cause s short term demand, Same a positive news from Biden side will be negative on the bitcoin side. I wouldn’t say Biden out will cause a bull run, but anything related to trump winning now will usually causes demands

This may be one of the factors along with many others due to we will see another bull market. But it is not like that if Biden had not abandoned the presidential race or even if trump did not win the upcoming elections, we will have no bull run. Regardless of these political developments, we are due to see the Bitcoin bull market and the major reason is the halving and the four year Bitcoin cycle.

Also in the previous years, in the previous bull markets, we got the bull seasons and there were no positive sentiments from the USA or any other governments. I will just take this as a positive event for the market.

Well, this is what I mean. The increase factor can occur due to several causes. Not only because the candidates who are fighting won the election by raising positive issues regarding Bitcoin. It's funny to me if because of them prices will increase even though there is an effect that makes prices increase because of them.
If there is a lot of demand, perhaps if we refer to the law of supply and demand, without political factors the price will still increase.

You’re right. Bitcoin bull run is inevitable, no matter how these news affecting the market positively or negatively. It’s just that Biden’s decision to abandon the presidential race is just in time with bitcoin price pump, or even if we say that’s considered a hug boost for crypto particularly bitcoin, still that news alone could never be reliable enough for the price surge that is currently happening. But I’m glad that Biden’s out contribute to the market in a positive way.

Im not sure that is the reason but there is a good chance of a bull run while we remain above the weekly moving average.   We have also maintained the peak prices of mid July as the current low at the same time which is bullish.

200 day moving average is rising so long term bullish but the 50 day is in flat and back into a slight decline which should give some notice for caution in the amount we can move here.   Ideally the price action is best performing with a rising 50DMA.

It is not very logical to expect bullish market movement around an election. However, bullish movement can start in the crypto market for any reason. Any such outcome may cause a temporary bullish movement in the market but does not create reliable confidence. Everyone probably remembers Trump's opposition to crypto when he first came to power, and many chose Biden for his opposition. At any time that their personal opinion may change. Politicians speech or their policy changes can not bring any bullish trend in the market. Recently, Trump has expressed his support for Bitcoin, so if he wins, it can definitely have a positive impact on the market.

Yes, because Trump is pro-bitcoin, there will be many new theories that bitcoin will bullrun after Biden drops out of the race, but we already know that this will not happen.

It is true that US politics affects the bitcoin market because some of the most bitcoin user regulations are in the United States so with any decision later from the winner then this will be a little spike, all his supporters will be happy.

After all, we have entered the cycle so it is certain that bitcoin will go up even if there is no political event because the history of bitcoin is like that every cycle that goes through then it will be a new record, so with the political push that continues to make positive news then it will push earlier maybe.

Most times, I try as much as possible not to get involved with political issues and speculations, but when it comes to bitcoin and how it market react to news and political issues, I believe that no political candidates have the power to influence the promise of bitcoin, no matter how firendly they are towards bitcoin.


Trump or Joe Biden, none have the power to influence the price of bitcoin Because being a united states president gives the president power to make policies that concern the United State alone.

Bull run is already bound to happen, but without these positive news around, it could come late probably unlike if there are news like this that will hit the market instantly, we might end up seeing bitcoin’s bull run earlier that what we expect it to happen. But the important thing is, it will certainly happen even without fixed time.

What makes it a good sign though is Trump winning the election as he is a pro-crypto as opposed to Biden and Kamala Harris party stance on it. As if they are trying to curtail the technology with taxes and all that stuff. But yeah, who knows, maybe Trump being the re-elected will push the price to higher grounds much faster that we expected.

As he could hire pro-crypto amongst his rank to bolster Bitcoin in the US. Maybe there will be no tax on those mining Bitcoin and there could be pro crypto laws. So he could be what we call the catalyst in this bull run to see the price hitting at least 6 digits next year if he is inaugurated formally as the next US President next year January. So exciting times ahead to be crypto enthusiast in the US.

I can see a huge fall in cryptocurrency due to Biden's resignation. Especially starting from Bitcoin and other currencies, the price has decreased a lot. But before Biden resigned, the value of each coin was rising well, and we saw the price of Bitcoin enter $68k. However, after the announcement of Biden's resignation, the market rose slightly but later dumped. However, I think the Bitcoin price will rise again, but now that Biden has resigned, the market may be dumping a bit for a while. Bitcoin price is currently at $64k, and it will be pumping very soon and the Bitcoin bull run is coming soon.

Perhaps the fall has nothing to do with Biden pulling out of the race or Kamala Harris being nominated. But recently we have seen news about Mt. Gox and I think this is the main reason why the price suddenly goes down to $64k. The real influence here is that when Trump is re-elected as the next US President. It could be the biggest news that will fuel this bull run. So we will have to wait, we need to get over the Mt. Gox repayment system first and so we can step it aside once and for all as it is being the bane of the market ever since. Or the news of the dive has something to do with the tech dive as well in the US. As we all know, there could be effects on tech stocks to crypto market or at least there is some sort of relation.

I actually don't see the point on why Bitcoin price fall when Biden step down? While the fact that person is anti bitcoin or crypto. There should be a good news will came after he decide to end up his candidacy but nothing happen.

Its just natural movement of bitcoin and people just correlate that event to the fall of bitcoin. I always see that crazy assumption when there's a fall happening then they link that event to certain influential peoples decision. While the fact the all people could able to move the market if majority will decide to sell or buy. But doesn't do anything to the price of bitcoin since we can still see that everything is fine with this coin.

The news about Biden getting out of the elections was pretty much expected. Nobody wants a demented old man as a president.
Such news cannot trigger a massive bull run on the crypto markets. Another Democratic candidate(Harris or someone else) has bigger chances of winning against Trump. The Democrats are generally more anti-crypto than the Republicans, however this might change in the future.
There are no signs of a new bull run coming right now. The BTC price recovered from 54K to 67K in a short time frame, but today, the price is dropping down to 64K and it might go back below sixty thousand dollar in the next week. This is just price volatility, there's no FOMO phase. There aren't any super positive bullish news coming from anywhere. I don't know why so many crypto noobs got so excited about the price recovery. A price recovery is not a bull run.

I think even without this Trump and Biden issue, the bitcoin price still aims to move upward and later on creates new bull run. Bitcoin, despite all its price dumps and market crash, will never settle to a lower value but will certainly recover until it hits its new all time high. So even without Biden abandoning the presidential election, still bitcoin will turn bullish in time, the market just need the perfect time to make it happen.

Due to age, Joe Biden withdrew from the upcoming American presidential election, that is why Donald Trump has a high chance of winning the presidential election in the next election. Many people think that if Donald Trump is appointed as the American president, the market of all other digital currencies, including Bitcoin, will be much better, and now many people are saying that if Joe Biden steps down, the crypto market will definitely improve. But we've all seen what happened this year, which is when Bitcoin hit its all-time high and it happened while Joe Biden was president. So it seems to me that the market depends not so much on who the president is, but on how reliably investors invest.

If "everyone" believes that, yes that would work, but only USA republicans would believe that, which is a small amount and I do not think that they are that rich enough to change the price. Maybe a daily change, like the day he wins maybe there could be something, because it's USA elections and the day of it could be news, but that's about it, after that for 4 years when he is in charge, it won't matter.

By logic, when we had 2017 increase, Trump was president, he was from 2016 to 2020, so he had a bull run, which some people thought Trump was good for bitcoin as well, and used that as argument. But then in 2020 Biden won, and in 2021 we had another peak, which shows that it is not about who the president is, and it is about cycles bitcoin has.

These proves that such important news will have an effect to bitcoin price but only on a small scale, and it’s not that it will be the one to determine whether there’s bull run or not, or we will see a bull run earlier than how it’s expected to come. Bitcoin is decentralized, so there’s no individual or any group entity that will carry out its price, but most likely its own supply and demand.

For now, it seems that the demand for bitcoin is high which means there’s a possibility for price increase, and with this Biden out, bull run in, probably it’s more of a coincidence without reliable basis.

I dont think that'd be enough news, politics is its own deal however today I read Trump is making a big play.  This is a reversal of his former hard money stance all for the dollar: https://us.cnn.com/2024/07/27/politics/donald-trump-bitcoin-cryptocurrency/index.html

I dont buy his reversal exactly because Dollar is what government throws out to pay its bills so ultimately that's what they look after.   Bitcoin does make sense for a country able to develop technologically and USA can do that but not quite sure he gets that especially.   He got so many court cases against him he has to be the most motivated man to assume office ever & the immunity, theres ever been.   But everyone is politics throws lines they think will hook some voters, its a compliment I guess.

But still, we can’t deny that after Biden abandoned the presidential candidacy, bitcoin has started to surge high. So we can really tell that US election really makes an impact to bitcoin, although we can’t tell that everything that happens to bitcoin are attributed from this US politics.

Majority of the price events of bitcoin are still coming from its supply and demand. The good thing is, the demand for bitcoin has increased a lot more when Trump started to favor bitcoin and tells positive about it. Hopefully this is already a good start for the upcoming bull run.

Regardless of all the issues about Trump and Biden, bitcoin will still be moving upward and reach its new all time high soon, but I guess having seen Biden leaving the presidential candidacy also create a small impact to bitcoin but it’s never enough to guarantee bitcoin bull run in the next few months.

Let’s just settle on the fact that no matter how different issues thrown at bitcoin, bitcoin instead will continue to rise and give us a satisfying price every now and then. We just have to trust bitcoin and its market, as everything good do not happen in an instant but it certainly takes time.

That's the point of it, a lot of people think that we are going to end up with a lot of issues, and because of that we are talking about something that takes a while as well, we can't really consider the situation to be just about us, we need to make sure that it is all good for everyone. This is why we need to ignore the politics, unfortunately until November (and probably at least another month after that) the Americans will keep on talking about it like that is the only thing that matters to the world, without realizing that we do not care.

Let them do that, but know that it doesn't impact the price at all, just because price is moving, doesn't mean it's USA politics related, we moved before this election and will move after this election too, America talks about politics every single day, of course the movement will end up being on the day of something, if it is not Biden out then it's Trump hit if not that then kamala candidate if not that something else.

We are going to always see something political from that nation, every single day, and they will consider it is their own doing. As long as we are aware that it is only their own imagination and bitcoin moves without any connection to them, we will be fine.

Since Kamala Harris began running for the presidency of the United States instead of Biden, Trump's ratings have begun to fall sharply and his chances of becoming president again are becoming less and less every day. A new poll conducted July 22-24 and released Sunday showed Harris' approval rating ahead of Trump in Wisconsin by 2 percent, Pennsylvania by 3 percent, Minnesota by 8 percent, and in Michigan, Harris led Trump in favorability by a whopping 57 percent. against 47 percent, that is, by as much as 10 percent.
In just one week, Harris' overall favorability rose from 35 percent to 43 percent, while her distrust rating dropped from 46 percent to 42 percent.
https://www.dialog.ua/world/299072_1722330756.

In addition, Trump is not the only presidential candidate who has a positive attitude towards cryptocurrency. Sources of the Financial Times reported that members of the team of US Vice President Harris contacted major representatives of the crypto industry and indicated their intention to establish a positive dialogue with participants in the digital financial assets market and have already held negotiations on interaction with the largest American cryptocurrency exchange Coinbase, stablecoin issuing company Circle and blockchain payment operator Ripple Labs.
https://forum.bits.media/index.php?/topic/237167-financial-times-

In any case, this is very good for the cryptocurrency market, as long as the presidential candidates do not forget about it when they take office.

It surge high because of the dumping of the German government is done, and then we have the assassination attempt on Trump and then him speaking on the Bitcoin conference. So yes, the election in the US has something to do with the surge in price. But if we look at it, after hitting $70k, it was a short live rally, as the price goes down to $66k and probably lots of short day traders have sold for instant profit.


We still have the fundamentals, like supply and demand that might push the price later. But we can't deny the fact that the Presidential election will really have a big impact on us, specially if Trump is going to win this November. If that happens, $80k, easy and it could start a massive bull run.

At least US politics has something to do with bitcoin, both camps accept bitcoin and some reject it, so I think there is little influence on US politics.

Trump thinks bitcoin is positive - Kamala bitcoin is criminal money.

And what I know is that the US is the largest holder for bitcoin so it is a little clear that it has an influence, about the increase because bitcoin already has a 4-year cycle so we believe in it, but other factors can also determine the price increase.

If Trump wins there will be many positive things, but keep in mind that political promises can betray supporters if they have won.