Biden Steps Down: Kamala Harris Takes the Lead, Bitcoin Takes a Hit

Biden Steps Down: Kamala Harris Takes the Lead, Bitcoin Takes a Hit

In a surprising turn of events, U.S. President Joe Biden announced his withdrawal from the presidential race on Sunday, ending his reelection campaign. He cited concerns over his ability to beat Donald Trump and the loss of support from senior Democrats. Biden will continue serving as president until his term ends in January 2025 and endorsed his vice president, Kamala Harris, to be the Democratic nominee.

Harris, if elected, would become the first Black woman to become a major party nominee. However, she will have a short time to campaign and unite the Democratic Party. Trump, in a phone call with CNN, expressed his belief that Harris would be easier to defeat than Biden.

Biden's decision caught many White House staff off guard, as he had planned to stay in the race until Saturday night. Bitcoin (BTC-USD), which trades continuously, sank before the announcement and extended losses after the news became official. Investors are watching the market reaction closely, with Tokyo opening at 8 p.m. ET.

Key Takeaways:

• Biden has stepped down from the presidential race, citing concerns over his ability to beat Donald Trump.
• Biden endorsed Kamala Harris to be the Democratic nominee.
• Bitcoin took a hit after the announcement, extending its losses.

Market Sentiment:

Investors are closely watching the market reaction to Biden's decision. The announcement has caused uncertainty and volatility in the market, especially in the cryptocurrency space.

Note: This article focuses on the intersection of politics and financial news, specifically the impact of Biden's decision on Bitcoin. For further political discussion, click here.