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

Trump may be about to receive an endorsement from the top independent candidate who could sway the results of the November election.

Bitcoin price surged by 4% on Wednesday morning as rumors spread that Robert F. Kennedy Jr. may soon drop out of the 2024 U.S. Presidential race to endorse Donald Trump.

The news, which was first reported by Axios, has re-established Trump as a betting favorite to win the November election, a result that is widely expected to have major implications for Bitcoin’s short-term price movements.

Kennedy, the son of former U.S. Attorney General Robert F. Kennedy and nephew of former U.S. President John F. Kennedy, announced his candidacy for president in February as an independent candidate.

Kennedy’s decision to run as an independent has largely been seen as a move that could potentially siphon votes away from the major party candidates, particularly Trump.

However, recent polling suggests that Kennedy may be struggling to gain traction in the race, with some polls showing him polling at less than 1%.

If Kennedy were to drop out of the race and endorse Trump, it would likely boost Trump's chances of winning the election. Trump is currently the betting favorite to win the Republican nomination, and recent polls show him leading the field of Democratic candidates.

Bitcoin’s price has been closely tracking the news cycle throughout the 2024 U.S. Presidential election, with positive news for Trump typically coinciding with surges in the cryptocurrency's market value.

This relationship is likely due to the fact that many Bitcoin traders and investors believe that a Trump presidency would be bullish for the cryptocurrency, as evidenced by the surges in Bitcoin's price that followed Trump's election victory in 2016 and his administration's decision to delay the implementation of new cryptocurrency regulations in 2023.

Conversely, negative news for Trump has typically been accompanied by declines in Bitcoin’s price, a dynamic that was on display following the January 6 Capitol riot and the subsequent House vote to impeach Trump.

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