Bitcoin (BTC) and Ether (ETH) Markets Dip as Investors Mull the Impact of U.S. President Joe Biden Dropping His Reelection Bid

Bitcoin dipped 0.5% to $66,900, while Ether fell 2% to $3,450. Meanwhile, Solana continued its recent outperformance with a 3% rally in the last 24 hours.

Major cryptocurrencies fell on Monday morning as investors digested the news of U.S. President Joe Biden declining to run for reelection and assessed the performance of top digital assets ahead of the Bitcoin 2024 conference.

Bitcoin slipped 0.5% in the last 24 hours to trade at $66,900 by 04:35 ET (08:35 GMT). BTC price dropped sharply last week after hitting a four-month high above $73,000.

Bitcoin 2024 conference to host Donald Trump

Among the top crypto performers on Monday was Solana, which continued its recent rally with a 3% gain over the past day. SOL briefly traded as high as $184. The token has surged 17% in the past week, compared to 7% for BTC and 3% for ETH.

After surging over 300% last year, Solana has lost steam in 2023 amid a broader sell-off in crypto markets. The token, which hit a record high above $380 in March last year, has lost nearly two-thirds of its value since then.

Bitcoin price today dropped slightly on Monday after surging over the weekend. As reported, Biden officials have approached several Democratic presidential candidates about running in 2024.

The news comes after Biden dropped his plan to run for reelection following a sharp decline in his approval ratings and amid growing concerns over his age. Biden, who will turn 82 this year, would become the oldest president in U.S. history if he were to win a second term.

Meanwhile, Spot Bitcoin ETFs pulled in nearly $1.2 billion last week – the highest weekly inflows since early June – ahead of this week’s Bitcoin 2024 conference in Nashville, where Republican presidential candidate Donald Trump is expected to make an appearance.

According to a report from CoinShares, Ethereum investment products attracted $45 million of inflows last week, overtaking Solana for the altcoin with the most inflows year-to-date. Spot Ethereum ETFs are widely expected to commence trading tomorrow.

Among the top 100 digital assets by market capitalization, modular blockchain Celestia (TIA) and Solana-based memecoin Dogwifhat (WIF) are the day’s top gainers, rallying 11% and 7%, respectively.

Roughly 80% of the top 100 tokens are down on the day, with Popcat, Arweave (AR), Bitcoin (NOT) and Bittensor (TAO) slipping 5% or more.

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