Joe Biden’s withdrawal wiped $67Million of crypto long positions in 30 minutes
After US President Joe Biden withdrew from the 2024 presidential election race, crypto prices dropped sharply and corrected almost immediately, causing mass liquidations. Within 30 minutes of US President Joe Biden withdrawing from the 2024 presidential election race, the cryptocurrency market liquidated about $67 million in leveraged long holdings.
On July 21, between 5:30 and 6:00 p.m. UTC, cryptocurrency markets site CoinGlass reported a 2.3% drop in the price of Bitcoin from $67,243 to $65,880, leading to massive liquidations. However, Bitcoin swiftly recovered to a 24-hour high of $68,480, leading traders with leveraged short bets to lose a total of $34 million.
“Biden was not credible enough to beat Trump, so an alternative candidate could have limited Trump’s chances,” said Markus Thielen, the founder of cryptocurrency business 10x Research. “But there is no credible alternative. hence BTC pump.” Thielen stated that a “huge” buy order entered the market at that time, adding to the quick recovery. Between 10:00 a.m. and 10:00 p.m. on July 21, more than $81.1 million and $53.4 million in long and short positions were lost over 12 hours. Liquidations totaled $43.8 million in Bitcoin, $31.1 million in Ether ($3,473), and $8.6 million in Solana ($178).
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