Joe Biden's decided to hang up his presidential running shoes—and it could be the best news ever. Now, everyone was shocked (Trump might argue otherwise) when Biden announced he's abandoning his 2024 reelection bid just four months before election day. 

Related: Gensler’s Potential Departure Promises a Bright Future for Crypto

I mean, he was doing pretty well so far… no?

But here's the kicker - while Biden's stepping out of the spotlight, crypto might just be stepping into it. 

Let's break down why this could be the bullish sign we’ve been waiting for; but first, here’s how the market reacted:

Bitcoin took a quick dip, dropping by 2.3% to to $65,885 after the news broke. But it didn’t take much time before it bounced back to a healthy 3.8%.

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BTC Price Chart. Source: Trading View

Though, the drop didn’t go unnoticed. Over, $67 million in long positions were liquidated in 30 minutes.

But wait! Short-sellers got burned too, losing $34 million. Looks like nobody wins when politicians play musical chairs.

So, why is Biden's exit potentially good news for your digital piggy bank? Well, it's all about the Trump card.

Remember when Trump declared he'd end the "war on crypto"? With Biden out, Trump's chances of winning just got a boost bigger than a whale's Bitcoin buy order.

eToro's Josh Gilbert thinks this could be "huge" for crypto. It's like Trump just became crypto's unexpected hype man. Who had that on their 2024 bingo card?

But before you start planning your "Crypto to the Moon" party, here's a word of caution from our buzzkill department:

  1. It's still early days. The election's not over till the last blockchain is mined... or something like that.
  2. The Dems could pull out a surprise candidate. Kamala Harris, anyone? Now that would shake things up more than a hard fork.
  3. The public's trust in Trump isn't exactly rock solid. January 6th left more than a few scratches on that particular crypto wallet.

But let's rewind a bit. Why did Biden bow out? In his July 21 statement, he claimed it was in the "best interest of my party and my country." Translation: "I'm too old for this sh*t." 

Okay, he didn't actually say that, but you could read between the lines.

Biden's relationship with crypto has been... complicated. He's been about as warm to crypto as a bear in a bull market. Remember when he vetoed that resolution overruling the SEC's Staff Accounting Bulletin No. 121? The crypto community was about as happy as a Bitcoin maximalist at an Ethereum conference.

Digital Chamber chief policy officer Cody Carbone called it "a slap in the face to innovation and financial freedom."

But here's where it gets interesting. Trump, the Republican nominee (and recent assassination attempt survivor), has been waving the crypto flag like it's going out of style. There’s even rumor that he’s planning a new NFT launch.

Trump's been quoted saying crypto is "a baby. It's an infant right now. But I don't want to be responsible for allowing another country to take over this sphere." Aww, look at Trump, all protective of baby crypto. Who knew he had a soft spot?

Macroeconomic analyst Lyn Alden thinks a Trump victory could extend corporate tax cuts, potentially giving crypto markets a boost. Will this turn out to be the case? Well, if the past few hours are anything to go by, it's gonna be a wild ride. Let’s see what comes out in the coming days.

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