Polymarket Goes Wild as Biden Drops Out of Race, Endorses Kamala Harris

President Joe Biden will not accept the Democratic nomination, he announced Sunday, instead endorsing VP Kamala Harris. Crypto prediction markets reacted with volatility.

Following weeks of increasing pressure from Democrats, President Joe Biden announced Sunday that he will drop out of the 2024 presidential race and not seek reelection. He will finish out his term, however.

"While it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and focus solely on fulfilling my duties as President for the remainder of my term," Biden wrote in a letter posted to Twitter (aka X).

Biden said he will "speak to the nation" later this week about the move. He thanked his Vice President Kamala Harris in the letter, and then in a separate tweet, endorsed her as the Democratic nominee for president.

"Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year," he wrote. "Democrats—it’s time to come together and beat Trump. Let’s do this."

Polymarket, the leading crypto predictions market platform, saw wild swings in odds following the news, with Harris' chances of securing the Democratic nomination surging to 82%. In a potential election matchup, Trump currently leads on Polymarket with a 64% chance, while Harris currently sits at 31%.

Editor's note: This story is breaking and will be updated with additional detail.

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