On Sunday, the Bitcoin price saw a sudden crash, sending the likes of Dogecoin and Shiba Inu into a spiral. This crash wiped out the Bitcoin price by $2,000 in just a few minutes, dropping it back below $66,000. While this decline did not last at the time, there were a number of factors behind it that worried crypto investors across the space.
Why did the Bitcoin price fall?
The Bitcoin price crash below $66,000 had one major factor behind it and that was US President Joe Biden. For months, the war raged between President Joe Biden and former US President Donald Trump, with the two being the leading candidates for the position.
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However, on Sunday, President Joe Biden made a shocking revelation, announcing that he would officially withdraw from the presidential race. In the announcement on the Democratic Party would reject.
In the same announcement, President Biden offered his support for Vice President Kamala Harris to run for the Democratic Party presidential ticket. He also called on party supporters to come together and defeat Donald Trump, the strongest opponent yet.
— Joe Biden (@JoeBiden) July 21, 2024
Following the announcement, the crypto market reacted quickly, with the Bitcoin price falling sharply. At the same time, coins like Dogecoin and Shiba Inu followed suit, each dropping around 3% in response to the announcement.
Dogecoin and Shiba Inu refuse to stay down
Like the price drop, Bitcoin’s recovery was just as swift, rising to new monthly highs. The price eventually surpassed $68,000 on Sunday, taking the crypto market with it. In response, Dogecoin and Shiba Inu followed suit, making notable gains from their lows.
For Dogecoin, the price rose back above $0.14 after falling below $0.128. This increased total daily profits to over 4% at the time, while daily trading volume also increased significantly to over $20 billion in a single day.
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In the same vein, the Shiba Inu price also rose from its low of $0.0000173 to above $0.0000184. However, unlike Dogecoin, Shiba Inu’s daily trading volume remains moderate, at around $383 million at the time.
As for the Bitcoin price, it continues to lead the bullish market and still maintains the support at $67,000 after the recovery. This translates into an increase of around 12% in the crypto’s price over the past seven days.
Featured image created with Dall.E, chart from Tradingview.com
