Bitcoin (BTC) experienced a significant surge on Friday, climbing to nearly $64,000

This boost in price followed two major events that positively impacted the cryptocurrency market.

Bitcoin (BTC) price surged on Friday, coming close to the $64,000 level. This uptick was fueled by two key events that had a positive impact on the cryptocurrency market.

The first event occurred when US Federal Reserve Chairman Jerome Powell announced that a monetary easing cycle would commence in the upcoming month. This news resulted in a 3% surge in Bitcoin price during the next trading session.

The second event took place when Independent presidential candidate Robert F. Kennedy Jr. announced his decision to withdraw from the race and endorse Republican candidate Donald Trump. This endorsement led to a further increase in Bitcoin price, reaching $63,800, marking a 24-hour gain of 5.6%.

Kennedy’s decision to drop out of the presidential race and support Trump is expected to have a significant impact on the upcoming election. As both candidates hold positive views on cryptocurrency, Kennedy’s withdrawal from the ten “swing” states may benefit Trump.

Presidential Race Tightens as RFK Jr. Backs Pro-Crypto Trump

Trump has openly expressed a fondness for cryptocurrencies, discussing the possibility of creating a Bitcoin strategic reserve and pledging to fire SEC Chairman Gary Gensler, who has been criticized for his negative stance on cryptocurrencies. Kennedy, who is also pro-crypto, shared similar views, making his endorsement of Trump rather interesting.

Amidst these developments, the broader market also turned green as all cryptocurrencies joined in on the uptrend. In addition to Bitcoin, other tokens such as Ethereum, Tezos, and Solana, among others, also experienced gains of over 5%.

The nail-biting battle for the presidency continues, but Kennedy’s endorsement of Trump could shift the dynamics, especially in swing states. For cryptocurrency enthusiasts, Kennedy’s move brings hope for the future use of cryptocurrencies in the United States.