68,500 US dollars

Monthly high: Biden’s withdrawal boosted Bitcoin

At over 68,000 US dollars (62,443 euros), the price of Bitcoin reached its highest level in more than a month on Monday. Last night, the oldest and best-known cryptocurrency was traded on the Bitstamp trading platform at just under 68,500 dollars at times.

Immediately after the announcement of Joe Biden's resignation as the Democratic candidate for the US presidency, Bitcoin initially fell below USD 66,000 on Sunday evening before jumping above USD 68,000.

Trump is considered a Bitcoin supporter
According to analyst Timo Emden from Emden Research, speculation that Donald Trump will win the upcoming presidential election and return to the White House as president continues to dominate the cryptocurrency market. Trump is in favor of less regulation and is generally regarded as a supporter of cryptocurrencies such as Bitcoin.

Following his withdrawal as a presidential candidate, Biden proposed his deputy for the presidency, Kamala Harris, as the frontrunner in the race for the White House. According to analyst Tony Sycamore from trading house IG Australia, the market is assuming that potential candidate Kamala Harris is likely to lose to Trump in the presidential election. Sycamore also rates Trump as a "crypto-friendly US president".

The price of Bitcoin is extremely volatile. Experts therefore repeatedly warn of possible major price losses in trading with the cryptocurrency. In March, Bitcoin reached a record high of just under 74,000 dollars and fell below 55,000 dollars at times in July.