TL; DR
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Biden dropped out of the presidential race in which markets initially fell, after which Biden announced he would support Kamala Harris as a candidate for president, causing markets to rise again.
Full story
This headline pretty much sums up the market moves we witnessed yesterday.
ICMYI, this is what happened and why:
Biden dropped out of the presidential race.
According to betting/crypto markets, that hurt Trump’s chances of winning.
Since Trump is largely seen as a positive candidate for crypto, markets began to sell off.
Within about an hour, Biden announced he would endorse Kamala Harris as a candidate for president.
And according to betting/crypto markets, Kamala has a lower chance of winning than Joe, which is why prices started to rise again…
Bitcoin went from $65.8k to $68.3k
Ethereum went from $3.4k to $3.5k
Solana went from $170 to $185
Where to from here?
No one knows, but it is provocative.
It puts people to work.
