Originally published on: July 22, 2024
Following President Joe Biden’s unexpected withdrawal from the 2024 US presidential election, the cryptocurrency market experienced a whirlwind with massive liquidations totaling approximately $67 million within just half an hour. This significant event occurred between 5:30 pm and 6:00 pm UTC on July 21, causing a sharp 2.3% drop in Bitcoin’s price to $65,880, as reported by CoinGlass, a leading cryptocurrency markets platform.
Bitcoin’s Rollercoaster Ride
Despite the initial plunge, the Bitcoin market swiftly bounced back, reaching a peak of $68,480 within 24 hours. This quick recovery led to a loss of around $34 million for traders holding leveraged short positions. Markus Thielen, the founder of the prominent cryptocurrency firm 10x Research, noted that the lack of a credible alternative candidate may have bolstered Bitcoin’s surge in response to Biden’s exit, highlighting a surge in buy orders as a contributing factor to the market’s rapid rebound.
Market Implications and Liquidations
Over a broader twelve-hour timeframe spanning from 10:00 am to 10:00 pm on July 21, the market witnessed a total wipeout of more than $134.5 million in leveraged positions, with significant liquidations of $43.8 million in Bitcoin, $31.1 million in Ether, and $8.6 million in Solana. The bulk of these liquidations, totaling $81.1 million and $53.4 million in long and short positions, occurred during this period, marking the highest liquidation level since July 8. Notably, major liquidations were predominantly concentrated on Binance and OKX, totaling $64.5 million and $44 million, respectively.
Kamala Harris Emerges as a Likely Contender
Amidst speculations about the Democratic Party’s presidential nominee following Biden’s exit, US Vice President Kamala Harris has emerged as a potential frontrunner. As the markets continue to react to unfolding political events, Bitcoin is currently trading at $67,850, exhibiting a 0.55% increase over the past 24 hours.
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