Possibility of Joe Biden dropping out of the race increased: Bullish signal!

The possibility of US President Joe Biden withdrawing from the presidential race has risen to 80% on the decentralized crypto prediction platform Polymarket, indicating the onset of a bull market season.

Just two days ago, these rates were around 33% on Polymarket, but since then they have more than doubled. Axios reported on Thursday morning that the pressure for Biden to withdraw is increasing among Democrats and close allies, referring to several top Democrats.

The US presidential elections are preparing for the bull season

Biden, who is currently 81 years old and recently tested positive for Covid, is facing increasing pressure after a stunning debate performance that rocked debates about replacing Biden last month, according to ABC News. According to ABC News, top Democrats, including Senate Majority Leader Chuck Schumer, last week told Biden to withdraw.

Former Speaker of the House Nancy Pelosi told Biden that the polls show that the GOP presidential candidate and former president Donald Trump cannot be defeated and that, according to CNN, Biden could “destroy the Democrats’ chances of winning the House of Representatives.”

The breaths were held in the Biden-Trump rivalry

According to The Washington Post's Thursday report, former President Barack Obama told his allies that Biden needs to 'seriously consider the possibility of re-election'.

All this is happening as the Democratic National Congress approaches. Democrats will hold their conventions in Chicago on August 19 to select their presidential candidate.

News sources mentioned a handful of potential Democratic candidates such as Vice President Kamala Harris, California Governor Gavin Newsom, Illinois Governor JB Prizker, and Michigan Governor Gretchen Whitmer.

Individuals on Polymarket bet that Harris would be the Democratic nominee and set the odds at 59% Thursday afternoon. Memecoins inspired by potential Biden successors have risen in the last 24 hours.

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