Crypto News Today: Joe Biden Replacement Memecoins Soar as Dropout Speculation Rises

Speculation about President Joe Biden's potential withdrawal from the 2024 race surged following a New York Times report, with Polymarket odds jumping from 55% to 80%.

Top crypto news stories for March 7th, 2024:

Speculation about President Joe Biden’s potential withdrawal from the 2024 race is heating up following a New York Times report and a surge in Polymarket odds, suggesting a high probability of Biden not completing the race. This news, coupled with rumors of his successor being a crypto enthusiast, has led to a significant increase in the value of meme coins, such as those named after Harris, Buttigieg, and Abrams. Despite White House officials denying any discussions on Biden's replacement, these rumors continue to drive market volatility and investor interest in politically themed cryptocurrencies.

Highlighting the growing adoption of blockchain technology in academia, Imperial College London has launched a new lab dedicated to blockchain research, thanks to a £1 million donation from the IOTA Foundation. The lab will focus on advancing the development of distributed ledger technologies and fostering innovation in the blockchain space.

In the latest development regarding the crypto Ponzi scheme case, a U.S. federal court has ordered Sam Ikkurty and his firm, Jafia LLC, to pay $84 million in restitution for operating the scheme. The judgment aims to compensate defrauded investors and restore confidence in financial markets.

Bitcoin's price dipped below $61,000 on Monday, yet some crypto traders are still boldly predicting that it could reach $150,000 by the end of the year. This prediction comes amid volatile market movements, influenced by various macroeconomic factors and investor sentiment.

Finally, crypto market analysis firm CryptoQuant is reporting that Bitcoin miners are capitulating, a signal that is often indicative of a market bottom. This trend is also reminiscent of the miner behavior observed during the FTX implosion, which was followed by a rebound in Bitcoin's price. Could this be a sign of an upcoming market recovery?

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