Markets
Bitcoin (BTC) Price Drops to $63,000 as Stocks Continue to Slump, Biden Exit Speculation Intensifies
Cryptocurrency markets were in the red again on Wednesday, driven by continued declines in U.S. stock prices and swirling speculation about the presidential race.
BTC plunged from $65,000 to $63,500 in just two hours during mid-morning trading hours in the United States, and is down 1.7% in the past 24 hours. The second-largest cryptocurrency, ether (ETH) and Solana’s native token (GROUND) held up a little better, although each of them also recorded a drop of more than 1%.
Smaller digital assets fell even further, dragging down the broader market benchmark. Coindesk 20 Index (CD20) down 2.8%. Ripple’s XRP’s 5-6% drop was behind the decline (XRP)The point of Polkadot (POINT)Cardano (ADA) and the Polygon token (MATIC).
The price action came as U.S. stocks found themselves unable to rebound from steep declines earlier in the week, with the tech-heavy Nasdaq 100 falling another 1% and the broad-based S&P 500 down 0.7%.
Uncertainty regarding the US presidential election has increased significantly in recent hours. reports of growing pressure from senior party officials on President Biden not to seek reelection.
Traders in the Crypto-Based Prediction Market Polymarket now estimate the probability that Biden will drop out at 80%, compared to 40% the day before. odds The likelihood that Vice President Kamala Harris will become the Democratic presidential nominee has increased to 63% from 15% a day ago.
The rally in cryptocurrency prices over the past week has been fueled in part by investors seeing increasing odds of Trump winning the election and, as a result, a much more crypto-friendly administration in the United States.