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.