Here’s Why The Bitcoin Price Crashed Below $66,000, Taking Shiba Inu And Dogecoin With It
Release: 2024/07/22 20:34 Reading: 717
- Original author：NewsBTC
- Original source：https://www.newsbtc.com/?p=630893
Bitcoin and Altcoin Plunge Triggered by Biden's Presidential Withdrawal
On Sunday, Bitcoin's price plummeted, causing a ripple effect that sent Dogecoin and Shiba Inu into a downward spiral. The sudden crash erased $2,000 from Bitcoin's value within minutes, pushing it below $66,000.
Reason Behind the Price Fall
The primary factor behind the Bitcoin price dip was the surprise announcement from US President Joe Biden. After a heated race against his predecessor, Donald Trump, Biden made an unexpected decision to withdraw from the upcoming presidential election.
Biden's announcement, which has garnered over 330 million views on X (formerly Twitter), emphasized his intention to focus on his presidential duties and declined the Democratic Party's nomination. He endorsed Vice President Kamala Harris as his successor for the Democratic ticket.
Market Response
The crypto market reacted swiftly to Biden's announcement. Bitcoin's price plummeted, followed by Dogecoin and Shiba Inu, which both saw declines of approximately 3%.
Recovery and Market Movement
Bitcoin's recovery was equally swift, reaching new monthly highs. The price surged past $68,000 on Sunday, buoying the entire crypto market. Dogecoin and Shiba Inu followed suit, regaining some of their lost value.
Dogecoin's price rebounded above $0.14, posting daily gains of over 4%. Its trading volume also spiked, surpassing $20 billion in a single day.
Shiba Inu's price also rose, climbing from $0.0000173 to $0.0000184. However, its daily trading volume remained relatively muted at approximately $383 million.
Bitcoin continues to maintain its bullish momentum, holding its support at $67,000 after the recovery. This represents an approximate 12% price increase over the past week.
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