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Bitcoin at $67,000 as rally cools

written by Bella Palmer
bitcoin

The token had tested $69,000 over the weekend, but pulled back from those levels

The price of bitcoin rose marginally on Monday, steadying after a sharp rally over the weekend as President Joe Biden’s dropping of his reelection bid spurred increased uncertainty over the political outlook in the U.S.

The world’s biggest crypto currency had rallied in recent sessions amid growing bets that Republican frontrunner Donald Trump, who has presented a pro-crypto stance - will win a second term.

Bitcoin gained 0.9 per cent in the last 24 hours to $67,622.5 by 06:00 GMT. The token had tested $69,000 over the weekend, but pulled back from those levels by Monday.

Bitcoin and the wider crypto market was now grappling with increased uncertainty over the U.S. 2024 elections, after Biden endorsed Vice President Kamala Harris as the Democratic presidential nominee. While Harris will still need to be officially nominated during the Democratic National Convention in August, a number of top Democrats endorsed her nomination.

Trump - who as of last week was polling slightly ahead of Biden and Harris as per CBS data - said Harris will be easier to defeat, CNN reported.

The prospect of a Trump presidency was a major driver of the recent crypto rally, given that Trump has expressed support for the industry in recent campaigning efforts.

Trump is set to speak at the Bitcoin Conference in Nashville later this month, and has also called for the token’s future to be built in the U.S. His campaign accepts donations in crypto currencies.

Still, expectations that Harris may be able to run more effectively against Trump dampened some optimism over a Trump presidency.

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