Democratic surge: £39m floods in as Biden steps down for Harris
It was a record-breaking day for the Democrats in this election cycle. Campaign donations surpassed £39 million after Joe Biden announced his resignation and endorsed Kamala Harris as the candidate for the President of the USA, writes Bloomberg.
Let us recall that on Sunday, after announcing his decision not to seek a second term as President of the USA, Joe Biden declared that he supports his Vice President Kamala Harris's candidacy in the November elections. Almost immediately, money started pouring in from donors.
According to Bloomberg, the amount donated on 21 July alone to ActBlue, the platform for raising funds for Democratic campaigns, exceeded £39 million.
As of 10 PM GMT - as reported by ActBlue - small donations grew to over £36.4 million since the inauguration of Vice President Kamala Harris's presidential campaign. This is an increase of over £14.8 million compared to just two hours earlier when it was announced that £21.3 million had been raised - CNN journalist Pamela Brown reported on platform X.
"It is clear that Biden's decision to step down is freeing up a lot of financial support, which had been a problem in recent weeks," highlights Bloomberg.
Joe Biden resigned. Market reaction
"Serving as President has been the greatest honour of my life. And while my intention was to run for re-election, I believe that it is in the best interest of my party and the country to step down and solely focus on fulfilling the duties of the President until the end of my term," wrote Biden on Sunday, 21 July.
The new Democratic candidate will be chosen during the party's national convention.
In response to the US President's decision, the price of Bitcoin first plummeted by nearly 1.2%, but within a few minutes, it erased the losses and surged to £51,800. We last saw such fluctuations in the cryptocurrency's price exactly a week ago, during the Republican convention, when an unsuccessful attack on Donald Trump occurred.
ActBlue reports that since 2004, more than £11 billion has been raised for Democratic Party campaigns.
