Biden's decision not to seek re-election initially caused BTC to drop by 2.5%, as GSR co-CEO Rich Rosenblum noted that it negatively impacted expectations that Trump, who viewed Biden as an easy opponent, would win. However, BTC quickly recovered, influenced by Elon Musk's endorsement with a "laser eyes" profile photo. Rosenblum added that the uncertainty of a new Democratic candidate might lead to increased market volatility, but there is speculation that the Democrats could adopt a more pro-crypto stance to attract younger voters, potentially benefiting BTC price in the long run.
Source: Blockworks