Investing.com — Bitcoin price edged higher on Monday, stabilizing after a strong rally over the weekend as President Joe Biden's withdrawal from his re-election bid sparked further uncertainty about the U.S. political outlook.
The world's largest cryptocurrency has rallied in recent sessions amid growing bets that Republican front-runner Donald Trump, who has staked a pro-cryptocurrency stance, will win a second term.
The token rose 0.9% over the past 24 hours to $67,622.5 as of 02:00 ET (06:00 GMT). The token had tested $69,000 over the weekend but retreated from those levels on Monday.
Bitcoin stabilizes after Biden's endorsement of Vice President Harris and Trump's reaction
Bitcoin and broader cryptocurrency markets are now facing increased uncertainty over the 2024 election, after Biden endorsed Vice President Kamala Harris as the Democratic presidential candidate. While Harris will still need to be officially nominated during the Democratic National Convention in August, a number of senior Democrats have backed her nomination.
Trump, who was slightly ahead of Biden and Harris in polls last week according to CBS data, said Harris will be easier to beat, CNN reported.
The prospect of a Trump presidency was a major driver of the recent cryptocurrency rally, as Trump has expressed support for the industry in recent campaign efforts.
Trump is scheduled to speak at the Bitcoin Conference in Nashville in late July and has also called for the future of cryptocurrency to be built in the United States. His campaign accepts cryptocurrency donations.
Still, expectations that Harris might compete more effectively against Trump dampened some optimism about a Trump presidency.
Bitcoin traders were also nervous about distributions from the defunct Mt Gox exchange, which was seen moving billions of dollars worth of Bitcoin in early July.
Cryptocurrency Price Today: Altcoins Remain Stable With Ether ETFs In Focus
Among broader cryptocurrency prices, major altcoins traded mostly flat after also tracking Bitcoin's weekend rebound.
The world's No. 2 token fell 0.3% to $3,491.74, with the focus largely on the approval of a spot Ether exchange-traded fund for U.S. markets.
Media reports said a spot ETF could begin trading as early as this week.
Other altcoins were mixed, trading in a flat to lower range while gaining 3.9%, with speculation over a SOL ETF also boosting the token's gains.
Among meme tokens, it rose 6.6%, while remaining stable.
