The recent crash in the Bitcoin price sent shockwaves across the crypto market, as $2,000 was wiped off the price in a matter of minutes. This sudden decline brought the price back below $66,000, leaving many investors in a state of worry. The main factor behind this crash was the unexpected announcement made by US President Joe Biden.
President Biden’s shocking revelation that he was stepping down from the presidential race took many by surprise. In his announcement on social media, Biden stated that he would prioritize his duties as president for the remainder of his term, refusing the Democratic Party nomination. He threw his support behind Vice President Kamala Harris and urged party supporters to unite against former president Donald Trump.
Following President Biden’s announcement, the crypto market reacted swiftly, with the Bitcoin price plummeting sharply. Other cryptocurrencies like Dogecoin and Shiba Inu also experienced a drop of around 3%. However, the recovery was just as rapid, with Bitcoin reaching new monthly highs and surpassing $68,000 on the same day.
Impact on Dogecoin and Shiba Inu
Despite the initial drop, both Dogecoin and Shiba Inu saw significant gains in response to the Bitcoin recovery. Dogecoin’s price bounced back above $0.14, with daily gains exceeding 4% and trading volume surpassing $20 billion. On the other hand, Shiba Inu’s price rose to above $0.0000184, although its trading volume remained relatively low at around $383 million.
Bitcoin’s Market Bullishness
Despite the temporary setback, Bitcoin continues to lead the market bullishly, maintaining the $67,000 support level post-recovery. This upward trend has resulted in a 12% increase in the price of Bitcoin over the last seven days, showcasing its resilience in the face of market fluctuations.
The recent announcement by President Biden had a significant impact on the crypto market, leading to both a crash and a swift recovery in prices. The resilience of Bitcoin and the subsequent gains in Dogecoin and Shiba Inu demonstrate the volatility of the market and the importance of closely monitoring external factors that can influence price movements. Investors must remain vigilant and adaptable in order to navigate the ever-changing landscape of cryptocurrency trading.
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