With increasing risk aversion following US President Joe Biden's departure from the presidential campaign, bitcoin dipped last Monday for the first time in four sessions, moving away from six-week highs due to vigorous profit-taking.
The likelihood that Trump will win, which would propel the cryptocurrency market, has decreased as current Vice President Kamala Harris is ready to claim the Democratic Party's presidential ticket.
It is speculated that during a speech in Tennessee on July 27, Donald Trump will declare that cryptocurrencies will play a bigger part in the US economy.
The Price
At Bitstamp, bitcoin dropped 1.75 percent today to $66,975, from a peak of $68,486 on July 12.
For the third straight day, bitcoin saw a 1.5% increase on Sunday.
The most valuable cryptocurrency in the world saw a 12% increase last week, marking the biggest weekly gain since late February.
Value of the Crypto Market
With the decline of both Ethereum and Bitcoin, the market value of cryptocurrencies dropped by more than $25 billion, to a total of $2.560 trillion.
Due to concerns about his mental clarity and endurance, US President Joe Biden formally withdrew from the upcoming presidential elections.
He formally supported Kamala Harris, his vice president, to lead the Democratic Party and challenge Donald Trump for the presidency.
In an instant, Harris pledged to unite the Democratic party and the country "to defeat Trump and his extremist ideology" and made an appeal for further donations.
Trump's Chances Are Declining
According to the New York Times, recent national surveys revealed a two percent difference in favor of Donald Trump.
Compared to Biden's 3% national polling deficit, it's a minor improvement.
