On a recent Sunday, the cryptocurrency market experienced a sudden crash, with Bitcoin leading the way. The price of Bitcoin plummeted by $2,000 in just a few minutes, bringing it below the $66,000 mark. This sharp decline, although short-lived, caused concern among crypto investors. However, the recovery was just as swift as the crash, with Bitcoin surging to new monthly highs and eventually crossing the $68,000 mark on the same day.
The major factor behind this price fluctuation was the unexpected announcement made by US President Joe Biden. In a surprising revelation, President Biden announced that he would be stepping down from the presidential race, emphasizing his commitment to fulfilling his duties as president for the remainder of his term. Furthermore, he endorsed Vice President Kamala Harris to take on the Democratic Party’s presidential ticket and urged party supporters to unite against former President Donald Trump.
Following President Biden’s announcement, the crypto market reacted swiftly to the news. Not only did Bitcoin experience a sharp drop in price, but other popular cryptocurrencies like Dogecoin and Shiba Inu also saw a decline of around 3% each. However, as Bitcoin began its recovery and reached new heights, both Dogecoin and Shiba Inu followed suit, witnessing notable gains from their lows. Dogecoin’s price rose back above $0.14, while Shiba Inu saw an increase from $0.0000173 to over $0.0000184.
Despite the fluctuations caused by President Biden’s announcement, the trading volume in the crypto market saw significant activity. Dogecoin’s daily trading volume surged above $20 billion, reflecting a 4% increase in its overall daily gains. On the other hand, Shiba Inu’s daily trading volume remained comparatively lower at around $383 million. Meanwhile, Bitcoin maintained its position as the leader in market bullishness, holding the $67,000 support level and showing a 12% increase in price over the last seven days.
President Joe Biden’s sudden announcement had a noticeable impact on the cryptocurrency market, causing a temporary price dip followed by a rapid recovery. The resilience shown by Bitcoin, Dogecoin, and Shiba Inu in the face of unexpected events demonstrates the complex and dynamic nature of the crypto market. Investors and traders need to stay informed and agile to navigate such fluctuations effectively.
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