US presidential candidate Robert F. Kennedy Jr. introduced his choice to withdraw. On August 23, at a press convention in Arizona, he introduced that he would withdraw from the 2024 presidential election and assist former President Donald Trump.

This announcement, coupled with an bullish speech from Fed Chairman Jerome Powell earlier within the day, led Bitcoin (BTC) to surge 2.5% previously hour, reclaiming the $63,500 value stage.

The flagship cryptocurrency is buying and selling at $63,750 on the time of writing, up round 6% over the previous 24 hours. currencyjournals information.

Help Trump

RFK stated he determined to assist Trump due to his assist totally free speech, youngsters, and ending the conflict in Ukraine. Notably, the 2 additionally share a standard assist for Bitcoin and the digital asset trade.

RFK stated he met with Trump and his household lately in Florida and agreed to hitch forces. RFK additionally revealed that he tried to contact Vice President Kamala Harris, however she refused to fulfill with him.

RFK stated his marketing campaign wouldn’t finish however can be suspended in key jurisdictions. The speech got here minutes after his marketing campaign filed papers in a Pennsylvania courtroom saying his endorsement of Trump.

Kennedy requested to be faraway from the Pennsylvania election. Withdrawal From the Arizona poll on August twenty second.

Regardless of dropping out of the race, RFK Jr. remains to be working in a number of Republican and Democratic states. His technique hinges on the opportunity of a provisional election if neither main occasion candidate — Harris nor Trump — secures the 270 electoral votes, leading to a 269-269 tie.

In such a state of affairs, the election can be determined by the Home of Representatives, which may theoretically permit RFK Jr. to place himself as a compromise candidate, resulting in an surprising path to the White Home.

Market stays buoyant

Bitcoin's huge rise was mirrored by different main cryptocurrencies, together with Ethereum (ETH) and Solana (SOL). Inside minutes of the Pennsylvania submitting being revealed, ETH rose 1.8% to reclaim the $2,700 stage, whereas SOL rose 2.6% to strategy $150.

The information additionally buoyed momentum within the U.S. inventory market, with the S&P 500, Nasdaq and Dow Jones rising 1%, 1.3% and 1%, respectively.

Nonetheless, Polymarket, a Polygon-based prediction market, has but to see a rise in Trump's probabilities of successful the election: As of this writing, Kamala Harris' probabilities have elevated by 2% on the day to 49%, whereas Trump's likelihood is at 50%.

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