Good Morning and Happy Monday from Cumberland APAC! Joe Biden has dropped out of the US Presidential race, a step which has seemed inevitable for weeks. He endorsed Kamala Harris, which will likely have a major impact. Democrats are in historically uncharted waters here, but the endorsement makes it seem unlikely that the spot at the ticket will be heavily contested at the DNC, which takes place in just a few weeks. Harris has already stated that she would seek the nomination, and has already obtained other key endorsements; it seems more likely than not that the rest of the party leaders line up behind her in show of unity over the coming weeks.

The politics here matter. BTC bounced hard last week, not just because a Trump presidency...