English
Back
Download
Clear
All
Quotes
News
Learn
Help
All
US
HK
CN
SG
AU
JP
All
News
Announcements
No matches yet
Operations too frequent. Please try again later.
Please check network settings and try again Refresh Refresh
Loading
History record
    Latest News
      Quotes More
      News More
      Learn More
      Help More
      Loading
      News More
      Announcements More
      Reports More
      Log in to access Online Inquiry
      Back to the Top
      Biden drops out of presidential race: How will markets react?
      Views 124K Contents 169

      Bitcoin Briefly Tops $68K Amid Biden's Withdrawal From Presidential Race: What's Next?

      avatar
      In One Chart joined discussion · Jul 22, 2024 12:25
      Financial markets, including currencies, shares, cryptocurrencies, and commodities, are poised to react to US President Joe Biden's withdrawal from the 2024 presidential race. Wall Street and European markets may face increased volatility.
      Following an assassination attempt on Donald Trump, Biden has decided to withdraw from the race and endorse Vice President Kamala Harris as the Democratic nominee. Investors are cautious due to political uncertainties and anticipated Federal Reserve rate cuts in September, leading to potential risk-averse actions in the markets.
      Cryptocurrencies, particularly Bitcoin, have seen strong bullish momentum since the attempt on Trump's life. The incident has boosted the chances of a crypto-friendly candidate winning, as they accepted private fundraising in cryptocurrencies. Bitcoin surged over 18% to more than $68,300 since the assassination attempt, with an additional 5% increase after Biden announced his withdrawal from the race.
      Check Out the Recent Performance of Major Cryptocurrencies and Crypto-Related Stocks:
      Bitcoin Briefly Tops $68K Amid Biden's Withdrawal From Presidential Race: What's Next?
      Investors have been betting on Donald Trump's return to the White House, shifting away from long-term US bonds and buying Bitcoin. With President Joe Biden announcing he will not seek reelection, this has introduced uncertainty, causing market volatility. Investors are now reconsidering their strategies, including the potential for a Democrat victory and recalibrating their "Trump trade" bets. Safe-haven assets like the Swiss franc, US Treasuries, yen, and gold saw increased demand, while Bitcoin reached its highest level in over a month. Additionally, investors are bracing for market reactions to second-quarter earnings and speculating on future Federal Reserve interest rate cuts.
      Many trades are based on the belief that a second Trump presidency would be fiscally expansive and reignite inflation, boosting demand for the dollar despite Trump's preference for a weaker US currency. Other Trump-related trades include betting on rising US bond yields, gains in bank, health, and energy stocks, and Bitcoin.
      Markets are now speculating on a "Harris Trade" if Vice President Kamala Harris becomes the Democratic nominee. Analysts suggest her win could mean policy continuity but with a focus on tax relief for lower-to-middle-income consumers and more consumer-related regulations. PredictIt currently favors Harris for the Democratic nomination and Trump for the presidency. The market is uncertain about how a potential Harris nomination will affect US equities, especially given her stance on oil and fracking. Traders are expected to remain cautious as they await further developments in Harris's campaign.
      There is limited historical precedent for a sitting president not seeking a second term, making it challenging to predict market reactions. The last similar instance was Lyndon Johnson in 1968. The situation remains unprecedented, adding to the market's uncertainty.
      This means more uncertainty," said Gene Munster, co-founder and managing partner at Deepwater Asset Management. "There was a lot of confidence about Trump winning, and markets won't like this new uncertainty, along with the news cycle about who is in, who is out, and all those unknowns."
      Source: Bloomberg, Yahoo Finance, CryptoNews
      Bitcoin Briefly Tops $68K Amid Biden's Withdrawal From Presidential Race: What's Next?
      Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
      +41
      3
      Translate
      Report
      261K Views
      avatar
      In One Chart
      Moomoo News Official Account
      Market news in one chart.
      89K
      Followers
      9
      Following
      30K
      Visitors
      Follow
      Discussing
      Trump 2.0 Era: What's the next opportunity in the markets?
      ▪️Could Trump's crypto policies potentially benefit the crypto market? ▪️Might his tariff policies have a positive effect on Chinese stocks Show More
      How will the market trend after Trump takes office?
      81%
      19%
      Bullish
      Bearish
      8945 votes