Bitcoin Rises 4% on RFK Quit Rumors

Bitcoin rose 4% to $61,550 on Wednesday, as speculation grew that Robert F. Kennedy Jr. may drop out of the 2024 US presidential race early to support Donald Trump.

The news has restored Trump as the betting favorite to win the November election, which analysts believe has major implications for Bitcoin’s short-term price movements.

According to ABC News, RFK Jr. will drop out at the end of the week, and sources say he will support Trump. When contacted directly, RFK would neither confirm nor deny the rumor. This comes after Kennedy’s running mate Nicole Shanahan hinted in a recent podcast appearance that he and Kennedy have a difficult decision to make about whether or not they should put their efforts behind Trump. According to Polymarket, crypto punters now believe RFK has a 97% chance of dropping out of the race before November. They also see Trump as having a 52% chance of winning the November election, compared to Kamala Harris at 47%. Late Tuesday, Info Wars’ Alex Jones also reported that RFK would soon endorse Trump and could be under consideration for several cabinet positions under the Trump administration. Harris has a 2.8 percent lead over Trump in national polls, according to FiveThirtyEight. Kennedy, meanwhile, is polling at 4.9 percent nationally, meaning his voter share could swing the election. The price movement in response has culminated in $104 million in crypto liquidations over the past 24 hours, Coinglass shows. SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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