The cryptocurrency market witnessed vital turbulence shortly after U.S. President Joe Biden announced his withdrawal from the 2024 presidential election.
Inside a 30-minute window, almost $67 million in leveraged lengthy positions had been liquidated according to CoinGlass data. This sudden market motion occurred between 5:30 PM and 6:00 PM UTC on July 21, triggered by a pointy 2.3% drop in Bitcoin’s (BTC) value, which fell from $67,713 to $65,880 according to CoinMarketCap data.
Nonetheless, the market rapidly rebounded, with Bitcoin reaching a 24-hour excessive of $68,480. This fast restoration led to losses for merchants with leveraged quick positions, totaling roughly $34 million.
Market views
Markus Thielen, founding father of 10x Analysis, told Cointelegraph that Biden’s withdrawal may need initially been perceived as rising Donald Trump’s probabilities of victory. He stated:
Biden was not credible to beat Trump so another candidate may have restricted Trump’s possibilities. […] However there is no such thing as a credible different… therefore BTC pump.
Any information about Trump’s odds of successful the election is seen as constructive for the cryptocurrency trade by many. The reason being largely that he positioned himself because the pro-crypto candidate and has not too long ago gone so far as to say that he needs all Bitcoin going forward to be mined in the United States.
Over a broader 12-hour interval on July 21, the cryptocurrency market noticed whole liquidations of $134.5 million, with $81.1 million in lengthy positions and $53.4 million in brief positions being worn out. This marks the very best liquidation quantity in a 12-hour span since July 8.
The liquidations primarily affected Bitcoin ($43.8 million), Ethereum (ETH) ($31.1 million), and Solana (SOL) ($8.6 million). Main cryptocurrency exchanges Binance and OKX bore the brunt of those liquidations, dealing with $64.5 million and $44 million respectively.
Because the political panorama shifts, Vice President Kamala Harris is now thought of the possible Democratic nominee for the upcoming presidential election. As of press time, Bitcoin is buying and selling at $67,055, displaying a 0.17% lower over the previous 24 hours.