Key Takeaways:
- Biden’s withdrawal from the 2024 presidential race led to $67 million in liquidations of leveraged long positions in the crypto market within 30 minutes.
- Bitcoin experienced a 2.3% drop to $65,880 before rebounding to a 24-hour high of $68,480, resulting in $34 million in leveraged short position liquidations.
- Over a 12-hour period, total liquidations reached $134.5 million, with the majority occurring on Binance and OKX.
President Joe Biden’s withdrawal from the 2024 presidential election race triggered significant market volatility, resulting in nearly $67 million in liquidations of leveraged long positions in the cryptocurrency market within 30 minutes.
The news caused Bitcoin to drop by 2.3% to $65,880 before quickly rebounding to a 24-hour high of $68,480, leading to $34 million in liquidations of leveraged short positions.
🇺🇸 The news of Joe Biden's rejection of the democratic representation in the upcoming US election led to an immediate small panic drop in crypto prices.
— Santiment (@santimentfeed) July 22, 2024
Though wildly different circumstances, the news of the Trump attempted assassination from 2 weeks ago caused a similar price… pic.twitter.com/X3fbWYSPwk
Over a 12-hour period on July 21, total liquidations amounted to $134.5 million, including $43.8 million in Bitcoin, $31.1 million in Ether, and $8.6 million in Solana.
The majority of these liquidations occurred on Binance and OKX.
The market response included a large buy order contributing to Bitcoin’s sharp recovery.
Vice President Kamala Harris is considered a likely candidate to replace Biden as the Democratic nominee.
Bitcoin was trading at $67,850 at the time of the report, up 0.55% over the last 24 hours.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
His articles offer a deep dive into the latest trends, projects, and technological advancements shaping the future of digital finance.
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