Biden Out, Crypto Down. Kamala Backed, Crypto Up.

TL;DR

• Biden dropped out of the presidential race which initially saw markets drop, then Biden announced he’d be endorsing Kamala Harris to run as the democratic nominee for president, which saw markets rise again.

Full Story

That headline pretty much sums up the market movements we experienced yesterday.

ICMYI, here’s what went down and why:

Biden dropped out of the presidential race.

According to betting/crypto markets, that hurt Trumps chances of winning.

Given that Trump is largely seen as a positive candidate for crypto, the markets started to sell off.

Then within an hour or so, Biden announced he’d be endorsing Kamala Harris to run as the democratic nominee for president.

And according to betting/crypto markets Kamala has a lower chance of winning than Joe, which caused prices started running up again…

Bitcoin went from $65.8k to $68.3k

Ethereum went from $3.4k to $3.5k

Solana went from $170 to $185

Where to from here?

No one knows, but it’s provocative.

It gets the people going.