RFK Jr. Backs Trump as Crypto Market Gains from Fed Easing and Political Shifts

Robert F. Kennedy Jr. (RFK Jr.) has suspended his independent bid for the U.S. presidency and urged his supporters to back former President Donald Trump in key battleground states, leveraging the Kennedy name to bolster Trump’s campaign.

Despite his family’s deep Democratic roots, Kennedy announced he is removing his name from ballots in ten battleground states, believing that remaining on the ballot could inadvertently benefit the Democrats due to "relentless, systematic censorship and media control."

Kennedy stated at a press event in Arizona, “I no longer believe that I have a realistic path to electoral victory,” and expressed his intention to join Trump’s administration if the former president wins. This shift in support coincided with a bump for Trump in election betting markets and a notable rise in bitcoin (BTC) prices, which climbed to $63,700, up 5% over the past 24 hours.

RFK Jr. endorsement aligns with Trump’s recent focus on the cryptocurrency sector. Trump, who had previously been skeptical of crypto, has recently ventured into the space with a new decentralized finance (DeFi) platform named "The Defiant Ones," and has become a vocal advocate for digital assets following the release of branded non-fungible tokens (NFTs).

Despite the Kennedy endorsement, the presidential race remains highly competitive. National polls show Vice President Kamala Harris retaining a slight edge over Trump. However, the removal of Kennedy from the ballot in battleground states is expected to primarily benefit the Republican Party candidate.

In parallel, the crypto market received a boost from U.S. Federal Reserve Chairman Jerome Powell’s announcement of an impending monetary easing cycle. Powell’s remarks led to a broader market rally, with the Russell 2000, Nasdaq, and S&P 500 all closing higher. Bitcoin rose to $63,800, a 5.6% increase within 24 hours past the announcement. Ethereum (ETH) saw a 5% increase, while dogecoin (DOGE) climbed 7.25%. Sun token (SUN) led the day's gains with a 46.47% surge, followed by Tellor (TRB) with a 31.27% boost, according to Bitcoin.com News.

Both Trump and Kennedy have promised a more favorable approach to cryptocurrency compared to the current administration, with Trump advocating for a U.S. bitcoin strategic reserve and pledging to remove SEC chief Gary Gensler. Harris’s campaign has acknowledged the need for supportive policies for emerging technologies, though specific crypto positions remain unclear.