Bitcoin briefly surges above $68,000 after Biden's announcement, settles above $67,000

Bitcoin briefly surged above $68,000 on Sunday after President Biden announced he would not seek reelection, settling above $67,000. The CoinDesk 20 Index rose 1.25%, with SOL and DOGE leading the gains. Biden's withdrawal from the November election dropped pro-crypto candidate Donald Trump's probability of victory from 71% to 65% on Polymarket. JPMorgan said in a report last week that bitcoin's price is too high compared to its production cost of $43,000 and any increase is likely to be short-term.