Bitcoin Surges to Nearly $64K Following RFK Jr.'s Endorsement of Trump

Bitcoin soared to nearly $64,000 as the cryptocurrency market responded positively to two major developments on Friday. First, U.S. Federal Reserve Chairman Jerome Powell announced that a cycle of monetary easing would begin next month. Then, Robert F. Kennedy Jr., a crypto-friendly independent candidate, suspended his presidential campaign and endorsed Donald Trump, who also supports cryptocurrency.

Initially boosted by about 3% following the Fed’s announcement, Bitcoin (BTC) gained additional momentum after Kennedy's endorsement of Trump, climbing to $63,800 at the time of reporting—a 5.6% increase in the last 24 hours. The broader CoinDesk 20 Index also saw a rise of 4.7%, with other cryptocurrencies like Ethereum (ETH), Tezos (XTZ), and Solana (SOL) experiencing gains of over 5%.

Despite Kennedy dropping out and backing Trump, the presidential race remains a tight contest. However, conventional wisdom suggests that removing Kennedy from the ballot in key "battleground" states could provide an advantage to the Republican candidate.

Both Trump and Kennedy have pledged a more favorable approach toward Bitcoin and cryptocurrencies compared to the Biden administration. Trump has proposed the creation of a Bitcoin strategic reserve and promised to immediately fire SEC Chief Gary Gensler. Meanwhile, the Harris campaign seems to be taking notice, with a senior adviser recently stating that a Harris administration would support the growth of the crypto industry.