Joe Biden Drops Out of United States Presidential Race

President Joe Biden has officially withdrawn from the 2024 Presidential election, citing the best interest of his party and country. The announcement has significant implications for the upcoming election and the crypto market.

Points

• Biden withdraws from the 2024 presidential race.
• His decision impacts the Democratic Party’s strategy for the upcoming election.
• The crypto market reacts strongly, with Biden-linked tokens plummeting.
• Kamala Harris is endorsed by Biden as the potential Democratic nominee.

United States President Joe Biden has officially announced his withdrawal from the 2024 Presidential election, just four months before election day. In his July 21 statement, Biden did not specify the reasons for stepping down but stated that it was in the “best interest of my party and my country.” His absence leaves the Democratic Party to face the 2024 election day, set for November 5, without his candidacy.

Biden’s announcement has had a significant impact on the political and crypto landscapes. The Biden-linked Jeo Boden （BODEN） token plummeted by 44%, reflecting the uncertainty and market reaction to his decision. In contrast, tokens for other potential Democratic contenders saw gains. Kamala Horris （KAMA）, linked to Vice President Kamala Harris, rose by 52%, while Gabin Noosum jumped 115%.

The reaction extended to Republican candidate-linked tokens, with the Doland Tremp memecoin gaining 24%. On the Polymarket prediction market, Biden’s odds of winning the election dropped to below 1%, while Harris’s odds increased to 26%. Trump maintained a steady 63%.

Biden’s decision to step down came after increasing pressure from top Democrats, including Senate Majority Leader Chuck Schumer and former House Speaker Nancy Pelosi. Both expressed concerns about Biden’s ability to defeat Trump in the upcoming election. Additionally, Biden’s weak debate performance last month further fueled discussions about his potential withdrawal.

As the Democratic National Convention approaches, it remains unclear whether the party will follow Biden’s endorsement and nominate Harris. Other potential challengers, such as California Governor Gavin Newsom and Michigan Governor Gretchen Whitmer, have been mentioned, but Harris currently leads the pack with 81% odds on Polymarket.

Explanation

• Biden’s withdrawal from the presidential race has major implications for the Democratic Party and the crypto market.
• The market reacted strongly, with Biden-linked tokens plummeting and other contender-linked tokens rising.
• Biden’s decision followed increasing pressure from top Democrats and a weak debate performance.
• The Democratic National Convention will be crucial in determining the party’s nominee, with Harris currently leading.