On Sunday, the cryptocurrency market experienced a sudden crash following a shocking announcement made by US President Joe Biden. In a statement released on social media platform X, President Biden revealed that he was officially stepping down from the presidential race, citing his intention to focus on his duties as the current president for the remainder of his term. This unexpected revelation sent ripples across the crypto space, causing the Bitcoin price to plummet by $2,000 in mere minutes.
The announcement had an immediate impact on various cryptocurrencies, with coins like Dogecoin and Shiba Inu also witnessing sharp declines in their prices. Dogecoin and Shiba Inu both dropped by approximately 3% in response to the news, mirroring Bitcoin’s downward trend. However, the recovery for Bitcoin was equally rapid, with the price quickly rebounding to new monthly highs and crossing the $68,000 mark on the same day.
Following the initial crash, both Dogecoin and Shiba Inu experienced notable gains as they bounced back from their lows. Dogecoin’s price surged back above $0.14 after dipping below $0.128, resulting in a daily gain of over 4%. The daily trading volume for Dogecoin also saw a significant increase, surpassing $20 billion in a single day. On the other hand, Shiba Inu saw its price rise from $0.0000173 to above $0.0000184, although its daily trading volume remained relatively subdued at around $383 million.
Despite the temporary setback caused by President Biden’s announcement, Bitcoin remains a dominant force in the crypto market. The leading cryptocurrency managed to maintain the $67,000 support level following its recovery, indicating a 12% increase in price over the past week. This resilience displayed by Bitcoin highlights its continued bullishness and influence in the overall market dynamics.
President Joe Biden’s surprising decision to step down from the presidential race had a significant impact on the cryptocurrency market, prompting a brief but intense price reaction across major coins like Bitcoin, Dogecoin, and Shiba Inu. While the initial crash caused by the announcement was swiftly followed by a recovery, the incident serves as a reminder of the interconnectedness between global events and the cryptocurrency space. Investors and traders in the crypto market must remain vigilant and adaptable to sudden shifts in market sentiment caused by external factors beyond their control.
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