Bitcoin surges previous $63k as Robert F. Kennedy Jr. withdraws and endorses Trump

US presidential candidate Robert F. Kennedy Jr. introduced his choice to withdraw from the 2024 presidential race and endorse former President Donald Trump throughout a press convention in Arizona on Aug. 23.

The announcement, mixed with Fed chair Jerome Powell’s bullish speech earlier within the day, prompted Bitcoin (BTC) to surge 2.5% up to now hour and retake the $63,500 worth stage.

The flagship crypto was buying and selling at $63,750 as of press time, up nearly 6% over the past 24 hours, primarily based on StarCrypto knowledge.

Endorsing Trump

RFK stated he has determined to endorse Trump as a result of he helps free speech, the youngsters, and ending the battle in Ukraine. Notably, the 2 are additionally aligned of their help for Bitcoin and the digital asset trade.

RFK stated throughout that he just lately met Trump and his household in Florida, the place they agreed to affix forces. RFK additionally revealed that he made makes an attempt to achieve Vice President Kamala Harris, however she refused to fulfill him.

RFK stated his marketing campaign wouldn’t finish however can be suspended in key jurisdictions. The speech got here a couple of minutes after his marketing campaign declared in a submitting with the Pennsylvania courtroom that he was endorsing Trump.

Kennedy has requested to be faraway from the Pennsylvania poll following his withdrawal from the Arizona poll on Aug. 22.

Regardless of withdrawing from the race, RFK Jr. stays on the poll in a number of purple and blue states. His technique hinges on the potential for a contingent election, which may happen if neither main get together candidate, particularly Harris or Trump, secures the mandatory 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, the place RFK Jr. may theoretically place himself as a compromise candidate, doubtlessly resulting in an surprising path to the White Home.

Markets proceed optimistic momentum

Bitcoin’s vital surge was mirrored by different main cryptocurrencies, together with Ethereum (ETH) and Solana (SOL). ETH climbed 1.8% in a couple of minutes after the Pennsylvania submitting turned public, reclaiming the $2,700 space, whereas SOL is nearing the $150 after a 2.6% surge.

The information additionally sustained the momentum within the US equities market, because the S&P 500, Nasdaq, and Dow Jones are up by 1%, 1.3%, and 1%, respectively.

Nevertheless, the Polygon-based prediction market Polymarket has but to indicate a optimistic shift towards Trump’s odds of successful the elections. On the time of writing, Kamala Harris’ odds are at 49% after climbing 2% on the day, whereas Trump’s have referred to as to 50%.

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