Biden gives up the campaign, it's too late to get on the BTC train!!! $BTC

After Biden announced that he would give up his re-election bid, although the price of Bitcoin fell briefly, it quickly resumed its upward trend.

As the market reacted to the news of Biden's withdrawal from the election, the world's largest cryptocurrency recovered from its earlier losses and is currently hovering around $68,000 in the New York market.

Tony Sycamore, a market analyst at IG Australia Pty, said that Bitcoin's rise reflects that "in the eyes of the market, the Democrats under Kamala Harris cannot surpass Trump in the White House race, and Bitcoin is seeing a new dawn under the leadership of a US president who supports cryptocurrency."

On the social platform X, Elon Musk changed his profile picture to a picture with laser eyes, which is generally considered to be a symbol of support for Bitcoin, and popular crypto accounts are celebrating Bitcoin's rapid rise.

"We expect the market to become more investable under the Trump administration," said Benjamin Selemajer, co-chief investment officer at Magnet Capital. He said he expects tokens with "real value drivers" to perform well, citing tokens associated with Maker, Aave and Lido protocols as examples.

Trump has leaned clearly in favor of cryptocurrencies over the past few months, and he is scheduled to speak at a major Bitcoin conference in Nashville on July 27.

In contrast, "we know very little about Kamala Harris' position on cryptocurrencies, and she has expressed little support or opposition to the industry," said Magnet Capital's Selemajer.

Activity in the over-the-counter options market suggests that Bitcoin could soon revisit its all-time highs, said Teong Hng, CEO of crypto investment firm Satori Research. Rising interest in call options with a $100,000 strike price for December 2024 suggests that institutional investors are becoming more bullish. He said he "expects a strong year-end rally following a Trump win." Bitcoin has performed relatively strongly over the past week as calls for Biden to withdraw have increased in frequency and intensity, in contrast to weakness in the stock market.$BTC