Crypto and U.S. equities surged after the independent candidate announced his support for Donald Trump.
U.S. presidential candidate Robert F. Kennedy Jr. announced his decision to withdraw from the 2024 presidential race and endorse former President Donald Trump during a press conference in Arizona on August 23.
This announcement, coupled with Fed Chair Jerome Powell’s optimistic speech earlier in the day, caused Bitcoin (BTC) to jump 2.5% in the past hour, pushing it back above the $63,500 mark. As of press time, Bitcoin was trading at $63,750, up nearly 6% over the past 24 hours, according to CryptoSlate data.
Endorsing Trump
RFK Jr. stated that he chose to endorse Trump because of their shared support for free speech, children’s issues, and ending the war in Ukraine. Both are also aligned in their support for Bitcoin and the broader digital asset industry. He mentioned that he recently met with Trump and his family in Florida, where they agreed to collaborate. RFK Jr. also disclosed that he attempted to contact Vice President Kamala Harris, but she declined to meet with him.
Although RFK Jr. is withdrawing from key jurisdictions, he noted that his campaign is not ending but will be suspended in these areas. His speech came shortly after his campaign filed a declaration with the Pennsylvania court endorsing Trump. Following his withdrawal from the Arizona ballot on August 22, Kennedy requested to be removed from the Pennsylvania ballot as well.
Despite his withdrawal, RFK Jr. remains on the ballot in several red and blue states. His strategy is based on the potential for a contingent election, which could happen if neither major party candidate, specifically Harris or Trump, reaches the required 270 electoral votes, resulting in a 269-269 tie. In such a case, the election would be decided by the House of Representatives, where RFK Jr. could position himself as a compromise candidate, potentially paving an unexpected path to the White House.
Markets Continue Positive Momentum
Bitcoin’s significant rise was mirrored by other major cryptocurrencies, such as Ethereum (ETH) and Solana (SOL). ETH gained 1.8% shortly after the Pennsylvania filing became public, reclaiming the $2,700 level, while SOL neared $150 following a 2.6% increase.
The news also maintained the upward momentum in the U.S. equities market, with the S&P 500, Nasdaq, and Dow Jones rising by 1%, 1.3%, and 1%, respectively.
However, the Polygon-based prediction market Polymarket has not yet shown a positive shift towards Trump’s odds of winning the election. At the time of writing, Kamala Harris’ odds are at 49% after a 2% increase on the day, while Trump’s odds have settled at 50%.
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