Crypto-friendly Robert F. Kennedy Jr. has endorsed Trump after withdrawing from the race, potentially strengthening Trump’s position in swing states like Pennsylvania and Arizona, where Kennedy has requested ballot removal.Pro-Crypto RFK Suspends Presidential Campaign and Backs Trump: What This Means for Crypto
That, combined with Jerome Powell’s recent declaration of a monetary easing cycle starting next month, sent BTC to US$64K.
The US equity market also gained, with major indices like the Nasdaq, S&P 500, and Dow Jones all rising over 1%.
Several things happened last week that affected Bitcoin and the overall crypto market. First, Jerome Powell gave investors the happiest day of their lives after confirming that a monetary easing cycle will begin next month.
Later, Robert F. Kennedy withdrew from the presidential race and is now endorsing Donald Trump. All in all, these two events resulted in Bitcoin (BTC) reaching over US$64K (AU$94K).
CoinMarketCap data shows Bitcoin is trading at US$64,044.69 (AU$94,470.75), a 9.29% surge in the last seven days. This is a relief for many who felt like capitulating when the coin reached US$52K (AU$76.7K) just one month ago. The last two months were filled with volatility and uncertainty, yet it seems Bitcoin and the market have managed to remain on top.Pro-Crypto RFK Suspends Presidential Campaign and Backs Trump: What This Means for Crypto
Not just crypto, US equities are blooming today, with the Nasdaq, S&P 500, and Dow Jones up 1.47%, 1.15%, and 1.14%, respectively.
RFK Endorses Trump
RFK announced in a speech his decision to suspend the race and join forces with Trump. It’s too early to say if this will give him an edge over the Harris-Walz campaign, but most people believe it will benefit Trump in several swing states. For instance, Kennedy has already requested to be removed from the Pennsylvania ballot shortly after withdrawing from the Arizona ballot on August 22.
And why did Bitcoin surge following the news? Both Kennedy and Trump have demonstrated a more friendly attitude towards BTC and the crypto market—and a clearer vision regarding the industry’s future in the country. For instance, Trump is pushing the idea of creating a Bitcoin strategic reserve, moving all BTC mining to the US, and firing Gary Gensler from the Securities and Exchange Commission (SEC).
While it might not be the same for Harris, a senior advisor recently said she’s supportive of the crypto industry and has sought advice on how to establish policies that prioritise the development and innovation of digital assets in the future.
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