Bitcoin (BTC) Price Skyrockets To $64K As RFK Jr. When he supports Trump and get out of the US election
On Friday, the crypto market saw a sharp rise after two major events, firstly Robert F. Kennedy Jr. He has announced that he will drop out of the 2024 US presidential race and endorse former President Donald Trump, and Federal Reserve Chairman Jerome Powell has hinted at the possibility. It will be cut soon.
These announcements led Bitcoin (BTC) to jump 5.5% in one hour to over $64,000 and cause optimism among investors.
RFK Jr. He supports Trump
Robert F. Kennedy Jr. surprised many by announcing his withdrawal from the presidential race and endorsing Donald Trump at a press conference in Arizona on August 23.
He said he is supporting Trump because of their mutual support for free speech, protecting children and ending the war in Ukraine. In particular, Kennedy and Trump Bitcoin supporters show a strong alignment on digital assets and cryptocurrencies.
Kennedy mentioned that he recently met with Trump and his family in Florida and agreed to work together. He also tried to meet with Vice President Kamala Harris, but she refused. Although Kennedy is back in some key areas, he still remains in the polls in several states.
His strategy centers on a snap election that could give Kennedy a chance to become a compromise candidate in the House if neither Trump nor Harris gets the required 270 electoral votes.
The Fed Chairman hints at a reasonable reduction
Adding to the positive sentiment in the crypto market, Federal Reserve Chairman Jerome Powell hinted that the Fed may soon cut interest rates due to lower inflation. The news added to confidence that the Fed will ease its current policy, which has remained unchanged since July 2023.
Currently, the market sees a 32% chance of a 0.50% decline in September and a 67% chance of a 0.25% decline. Low interest rates generally take advantage of the crypto market as investors look for high returns on assets like Bitcoin and Ethereum.
Profits beyond the crypto market
Following these announcements, other major cryptocurrencies also made gains. Ethereum (ETH) rose by 5.36% to $2,753, Solana (SOL) increased by 5.73% to $151.
