President Joe Biden, the presumptive Democratic nominee, has backed away from his re-election bid, saying he prefers to focus on completing his current term on January 20, 2025.
Biden announced his decision on Sunday, with a letter posted on social media after weeks of mounting pressure from donors as well as congressional Democrats, urging him to abandon his re-election bid, publicly endorsing Vice President Kamala Harris’ candidacy in a letter. On his account X.
That presidential endorsement was magic for Harris as frontline Democrats rushed to endorse her on Sunday. Foremost among them are former President Bill Clinton and his wife, Hillary Clinton, who ran against Trump in 2016. In a statement posted on the X website, they said they were “honored to join the president in endorsing Vice President Harris and will do whatever they want.” He can support her”.
“It’s time to support Kamala Harris and fight with everything we have for her election.” Then they attacked Trump in a fighting tone.
“We’ve lived through many ups and downs, but nothing has made us more worried about our country than the threat posed by Trump’s second term,” they said, adding that he promised to be dictator on day one, and his servile Supreme Court’s recent ruling will only encourage him to further tear up the Constitution.
Those who were seen as potential hopefuls after President Biden’s withdrawal quickly followed suit in endorsing Harris. Michigan Governor Gretchen Whitmer and her counterpart, California Governor Gavin Newsom, who called Harris the inevitable candidate, and Josh Shapiro, governor of Pennsylvania, called her “a patriot worthy of our support.” Former Secretary of State John Kerry joined the support cart Sunday night.
Joe Biden’s announcement: not running for president and the opinions of economists
At the end of an unprecedented and frankly exhausting week in American news, President Joe Biden has officially announced that he will not seek re-election as president. “While I intended to run for re-election, I believe it is in the interest of my party and the state to step down and focus solely on performing my duties as president for the remainder of my term,” he wrote in a statement.”. “.
In a subsequent tweet, Biden confirmed that he endorses Vice President Kamala Harris as a candidate. While President Biden’s announcement came as a surprise to many, considering that earlier in the week he was adamant about not withdrawing, the debate over the feasibility of his candidacy has escalated in the past few days. As with any huge news moment, memes started pouring in immediately. Here are some of our favorites.
Host Joe Scarborough shared his thoughts on Joe Biden’s formal withdrawal from the presidential race, saying he believes Donald Trump and Republicans are now “panicked.”
“I’ve heard from within the Trump campaign for some time now that the only thing Donald Trump was afraid of was not having Joe Biden to compete with him,” Scarborough said. “If you talk about boxing, he’s used to facing Biden, right? So what did they do? They’ve switched it – it’s going to be like southern claws now.
Biden announced his decision Sunday evening, saying, “I think it’s in the interest of my party and the country that I step down and focus solely on performing my duties as president for the remainder of my term.” Vice President Kamala then endorsed Harris as a Democratic presidential candidate.
Top Democrats have been calling on the 81-year-old Biden to withdraw from the election since he stumbled in a CNN debate against Republican nominee Donald Trump last month, raising questions about his eligibility for the nomination because of his age. Although Harris, 59, is now the frontrunner for the Democratic nomination, Scarborough said of Trump: “Suddenly, he became the oldest man in the race by a wide margin.”
Biden’s withdrawal and support for Harris raise Bitcoin prices
Biden’s exit shakes market dynamics Joe Biden’s announcement to withdraw from the presidential race I believe it is in the interest of my party and the state that I step down and focus solely on performing my duties as president for the remainder of my term has fueled the cryptocurrency market, which has led to a significant rise in bitcoin prices. President Biden’s endorsement of Vice President Kamala Harris has fueled speculation about future political and economic policies. According to CoinGecko, bitcoin has seen an increase of 1.3% over the past 24 hours, approaching the level of $68,000. Market analysts attribute this rise to the changing political landscape in the United States.
Implications for the cryptocurrency market
Biden’s exit from the race and his subsequent endorsement of Kamala Harris comes at a critical time. Polymarket, a decentralized betting platform, points to an 86% probability that Harris is the new Democratic nominee. Market watchers view this political shift as a potential indicator of future cryptocurrency regulatory environments. Anticipating new policies under potential Harris administration has stimulated investor sentiment, reflecting price movements in the cryptocurrency market. Financial experts highlight the importance of Monitor such political developments as they can significantly affect market behavior.
Another layer is added to market dynamics by Donald Trump, Biden’s political opponent, who recently changed his stance on cryptocurrencies. Trump, who has been critical of the cryptocurrency industry, has vowed to adopt crypto-friendly policies if re-elected. Its shift in perspective is seen as a strategic move to capture the growing base of crypto enthusiasts and investors. Market participants are watching these developments with interest, as Trump’s pro-cryptocurrency rhetoric could lead to increased adoption and favorable regulatory changes for the industry.
