Trump Trade: Bitcoin Pops 4% On Rumors Of Upcoming RFK Dropout

Bitcoin surged by 4% back to $61,550 on Wednesday as speculation grew that Robert F. Kennedy Jr. may soon exit the 2024 U.S. Presidential race to endorse Donald Trump.

The news has re-established Trump as a betting favorite to win the November election, which is thought by analysts to have major implications for Bitcoin’s short-term price movements.

• As reported by ABC News , RFK Jr. will drop out by the end of the week, with sources saying he will endorse Trump. When contacted directly, RFK did not confirm or deny the rumor.
• This comes after Kennedy’s running mate Nicole Shanahan hinted in a recent podcast appearance that he and Kennedy have a difficult decision to make as to whether or not they should put their efforts behind Trump.
• According to Polymarket, crypto bettors now believe RFK is 97% likely to dropout of the race before November. They also view Trump as 52% likely to win the November election, versus Kamala Harris at 47%.
• Late Tuesday, Alex Jones of Info Wars also reported that RFK would soon endorse Trump, and might be in consideration for various cabinet positions under Trump’s administration.
• According to FiveThirtyEight, Harris has a 2.8% lead on Trump in national polls. Kennedy, meanwhile, is polling at 4.9% nationally, meaning his share of voters could swing the election’s result.
• The price move in response has culminated in $104 million in crypto liquidations within the past 24 hours, Coinglass shows.