Bitcoin surges past $63k as Robert F. Kennedy Jr. withdraws and endorses Trump News ▸ US ▸ Bitcoin ▸ Election 2024
Bitcoin surges past $63k as Robert F. Kennedy Jr. withdraws and endorses Trump
Crypto and US equities prices significantly went up after the independent candidate confirmed his support for Donald Trump.
2 min read
Updated: Aug. 23, 2024 at 8:44 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
US presidential candidate Robert F. Kennedy Jr. announced his decision to withdraw from the 2024 presidential race and endorse former President Donald Trump during a press conference in Arizona on Aug. 23.
The announcement, combined with Fed chair Jerome Powell’s bullish speech earlier in the day, caused Bitcoin (BTC) to surge 2.5% in the past hour and retake the $63,500 price level.
The flagship crypto was trading at $63,750 as of press time, up almost 6% over the last 24 hours, based on CryptoSlate data.
Endorsing Trump
RFK said he has decided to endorse Trump because he supports free speech, the children, and ending the war in Ukraine. Notably, the two are also aligned in their support for Bitcoin and the digital asset industry.
RFK said during that he recently met Trump and his family in Florida, where they agreed to join forces. RFK also revealed that he made attempts to reach Vice President Kamala Harris, but she refused to meet him.
RFK said his campaign would not end but would be suspended in key jurisdictions. The speech came a few minutes after his campaign declared in a filing with the Pennsylvania court that he was endorsing Trump.
Kennedy has requested to be removed from the Pennsylvania ballot following his withdrawal from the Arizona ballot on Aug. 22.
Despite withdrawing from the race, RFK Jr. remains on the ballot in several red and blue states. His strategy hinges on the possibility of a contingent election, which could occur if neither major party candidate, specifically Harris or Trump, secures the necessary 270 electoral votes, resulting in a 269-269 tie.
In such a scenario, the election would be decided by the House of Representatives, where RFK Jr. could theoretically position himself as a compromise candidate, potentially leading to an unexpected path to the White House.
Markets continue positive momentum
Bitcoin’s significant surge was mirrored by other major cryptocurrencies, including Ethereum (ETH) and Solana (SOL). ETH climbed 1.8% in a few minutes after the Pennsylvania filing became public, reclaiming the $2,700 area, while SOL is nearing the $150 after a 2.6% surge.
The news also sustained the momentum in the US equities market, as the S&P 500, Nasdaq, and Dow Jones are up by 1%, 1.3%, and 1%, respectively.
However, the Polygon-based prediction market Polymarket has yet to show a positive shift toward Trump’s odds of winning the elections. At the time of writing, Kamala Harris’ odds are at 49% after climbing 2% on the day, while Trump’s have called to 50%.
Bitcoin Market Data
At the time of press 8:44 pm UTC on Aug. 23, 2024, Bitcoin is ranked #1 by market cap and the price is up 5.49% over the past 24 hours. Bitcoin has a market capitalization of $1.26 trillion with a 24-hour trading volume of $36.39 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 8:44 pm UTC on Aug. 23, 2024, the total crypto market is valued at at $2.24 trillion with a 24-hour volume of $76.1 billion. Bitcoin dominance is currently at 56.09%. Learn more about the crypto market ›
Mentioned in this article
Author 
Gino Matos
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,561.81
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana
$223.437
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Polymarket
Polymarket is a decentralized prediction market platform that enables users to bet on world events using cryptocurrency.
Robert F Kennedy Jr is an American environmental lawyer, politician, and author.
A businessman, politician, and media personality, Donald John Trump served as the 45th president of the United States from 2017 to 2021.
Kamala Devi Harris (born October 20, 1964) is an American politician and attorney serving as the 49th Vice President of the United States.