Investing.com– Bitcoin rose slightly on Monday, stabilizing after a keen rise over the weekend as President Joe Biden withdrew his re-election bid, raising uncertainty about the U.S. political outlook.

The world’s largest cryptocurrency has recently surged in value amid growing bets that Republican Party frontrunner Donald Trump, who has a pro-cryptocurrency stance, will win a second term.

rose 0.9% in the past 24 hours to $67,622.50 by 02:00 ET (06:00 GMT). The token tested $69,000 over the weekend but retreated from those levels by Monday.

Bitcoin Stabilizes, Biden Endorses VP Harris, Trump Responds

Bitcoin and broader cryptocurrency markets have now grappled with heightened uncertainty about the 2024 election, after Biden endorsed Vice President Kamala Harris as the Democratic presidential candidate. Although Harris will still have to be officially nominated at the Democratic National Convention in August, a number of leading Democrats have supported her nomination.

Trump, who was slightly ahead of Biden and Harris last week according to CBS polling, said defeating Harris would be easier, CNN reported.

The prospect of a Trump presidency has been one of the main drivers of cryptocurrency’s recent surge, given that Trump has expressed support for the industry during recent election campaigns.

Trump is scheduled to speak at a Bitcoin conference in Nashville in delayed July and has also called for building the token’s future in the U.S. His campaign is accepting donations in the cryptocurrency.

But expectations that Harris will be able to compete more effectively with Trump have tempered some optimism about a Trump presidency.

Bitcoin traders were also concerned about distribution through the closed Mt Gox exchange, which accumulated billions of dollars worth of bitcoin in early July.

Cryptocurrency price today: Altcoins stable, Ether ETFs in focus

Amid broader cryptocurrency prices, major altcoins generally moved steadily, tracking Bitcoin’s weekend rally.

The world’s second-largest token fell 0.3% to $3,491.74, with the main topic being the acceptance of an Ethereum spot fund into US markets.

Spot trading in the ETF could begin as early as this week, according to media reports.

The remaining altcoins performed mixed and ranged from flat to low while rising 3.9%, with speculation on the SOL ETF also fueling the token’s gains.

Among meme tokens, the boost was 6.6%, while their value remained unchanged.