Bitcoin rose slightly on Monday, stabilizing after a sharp rally over the weekend as President Joe Biden’s abandonment of his re-election bid increased uncertainty over the U.S. political outlook.
The world’s largest cryptocurrency has surged in recent sessions amid growing bets that Republican front-runner Donald Trump, who has offered a pro-crypto stance, will win a second term.
Bitcoin is up 0.9% over the past 24 hours to $67,622.5 by 02:00 ET (06:00 GMT). The coin tested $69,000 over the weekend but pulled back from those levels by Monday.
Bitcoin Price Stabilizes After Biden Endorses Vice President Harris, Trump Responds
Now, Bitcoin and the broader cryptocurrency markets are facing increasing uncertainty over the 2024 election, after Biden endorsed Vice President Kamala Harris as the Democratic presidential candidate. While Harris still needs to be formally nominated at the Democratic National Convention in August, a slew of top Democrats have endorsed her.
Trump — who was narrowly leading Biden and Harris in polls as of last week according to CBS data — said Harris would be easier to beat, CNN reported.
The prospect of a Trump presidency has been a major driver of the recent surge in cryptocurrency values, as Trump has expressed support for the industry in his recent campaign efforts.
Trump is scheduled to speak at a Bitcoin conference in Nashville later in July, and has called for building the future of cryptocurrency in the United States. His campaign is accepting crypto donations.
However, expectations that Harris might be able to run more effectively against Trump have dampened some of the optimism about a Trump presidency.
Bitcoin traders were also concerned about distributions made by the defunct Mt Gox exchange, which was seen amassing billions of dollars worth of Bitcoin earlier in July.
Cryptocurrency Price Today: Altcoins Stable with Focus on Ether ETFs
Among the broader cryptocurrency prices, major altcoins were mostly trading flat after also tracking Bitcoin’s rally over the weekend.
The world’s No. 2 cryptocurrency fell 0.3% to $3,491.74, with much focus on the approval of a spot Ether exchange-traded fund for U.S. markets.
Media reports said the spot ETF could start trading as early as this week.
Other altcoins were mixed, moving in a flat to lower range, while up 3.9%, with speculation around the SOL exchange-traded fund also fueling gains in the token.
Among meme symbols, it rose by 6.6%, while remaining flat.