Bitcoin (BTC) Soars Past $63k After RFK Jr. Suspends Campaign and Endorses Trump

YEREVAN (CoinChapter.com) — Bitcoin has surged past $63,625.08 following significant political developments in the U.S. On August 23, Independent presidential candidate Robert F. Kennedy Jr. announced that he is suspending his campaign and endorsing former President Donald Trump for the 2024 election. The news, along with Federal Reserve Chair Jerome Powell’s statements, has driven Bitcoin up by 5.33% in the last 24 hours. The trading volume over the past 24 hours has also increased by 26.65%, reaching $37,587,155,976.

RFK Jr. Suspends Campaign Amid Concerns Over Media Control

Robert F. Kennedy Jr. announced that he is “suspending” but not terminating his 2024 presidential campaign. Kennedy said he would remove himself from the ballot in ten battleground states to avoid being a “spoiler” for Kamala Harris or Donald Trump. However, his name will remain on the ballot in most states.

Kennedy expressed concerns about “systematic censorship and media control,” which he believes impacted his chances of winning. Despite suspending his campaign, Kennedy stays on the ballot, keeping the possibility of a contingent election if no candidate secures 270 electoral votes.

“In an honest system, I believe I would have won the election.” 

“In my heart, I no longer believe that I have a realistic path to electoral victory in the face of this relentless, systematic censorship and media control, so I cannot in good conscience ask my staff and volunteers to keep working […]”

Ethereum and Solana Surge as Trump and Kennedy Align on Bitcoin

Other major cryptocurrencies also saw gains, with Ethereum (ETH) rising 5.36% to $2,753 and Solana (SOL) increasing 5.73% to $151. The alignment between Trump and Kennedy on Bitcoin and free speech is notable, as Trump’s pro-Bitcoin stance contrasts with Kamala Harris’s approach.

Both Kennedy and Trump have supported Bitcoin, with Trump accepting cryptocurrency donations and promoting U.S.-based Bitcoin mining. This endorsement further highlights the ongoing focus on Bitcoin within the 2024 election landscape.

2024 Election Forecast – Trump vs. Harris on Polymarket

The positive momentum extended to the U.S. equities market, with the S&P 500, Nasdaq, and Dow Jones gaining 1%, 1.3%, and 1%, respectively.

Meanwhile, the Polygon-based prediction market Polymarket has not yet reflected an increase in Trump’s chances of winning the election. As of now, Kamala Harris’ odds stand at 49%, up by 2% for the day, while Trump’s odds remain steady at 50%.