Biden retreats: This is how the crypto market reacts

Joe Biden withdraws from the U.S. election campaign. Bitcoin and altcoins react to the decision.

Last Sunday night, U.S. President Joe Biden announced his withdrawal from the race for the presidency in 2024. He will end his term, but will not run for re-election.

After the sudden announcement of Biden's withdrawal, there was a small dip in the crypto market. The Bitcoin exchange rate fell from US$67,400 to US$66,100, down 1.9 percent. But this correction did not last long. Overnight, crypto prices recovered and Bitcoin temporarily rose to US$68,400.

Since The TV debate with Republican former President Donald Trump criticism from within the Democratic party increased. Biden appeared physically weakened and disoriented in the debate.

In his X-post, the outgoing US president wrote: "Although it was my intention to seek re-election, I believe it is in the best interest of my party and the country if I withdraw [...]"

On the decentralized forecasting platform Polymarket, the decision resulted in Trump's odds of victory falling slightly to 64 percent. After the failed attack, his odds reached a record high.

Many political memecoins reacted to the decision with much stronger price fluctuations than the general market. The price of the Biden memecoin Jeo Boden (BODEN) fell about 56 percent in the past 24 hours.

The Trump memcoin MAGA lost 5.1 percent compared to the previous day, while the price of the KAMA memcoin up 81.2 percent. U.S. Vice President Kamala Harris is considered the new favorite for the Democratic nomination.