Joe Biden’s withdrawal wiped $67M of crypto long positions in 30 minutes

Brayden Lindrea5 hours agoJoe Biden’s withdrawal wiped $67M of crypto long positions in 30 minutesUS President Joe Biden’s withdrawal from the 2024 presidential election race led to a sharp crypto dip followed by a near-immediate correction, causing massive liquidations.6451 Total views27 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksNearly $67 million of leveraged long positions were liquidated from the cryptocurrency market within 30 minutes of United States President Joe Biden’s withdrawal from the 2024 US presidential election race.

The large liquidations, which took place between 5:30 pm and 6:00 pm UTC on July 21, were triggered by a sharp 2.3% fall in the price of Bitcoin (BTC) to $65,880, according to cryptocurrency markets platform CoinGlass.Total market liquidations in 15-minute blocks over the last 24 hours. Source: CoinGlass

However, Bitcoin quickly recovered, reaching a 24-hour high of $68,480, causing traders exposed to leveraged short positions to lose a combined $34 million.

“Biden was not credible to beat Trump so an alternative candidate could have limited Trump’s chances,” said Markus Thielen, founder of cryptocurrency firm 10x Research. “But there is no credible alternative… hence BTC pump.” 

Thielen said a “huge” buy order also hit the market around that time, contributing to the sharp recovery.

Related:Biden family memecoins tank 60% after Biden exits presidential race

Over a wider 12-hour time frame, more than $81.1 million and $53.4 million in long and short positions were wiped out between 10:00 am and 10:00 pm on July 21.

Liquidations included $43.8 million in Bitcoin, $31.1 million in Ether (ETH) and $8.6 million worth of Solana’s (SOL).Total liquidations by cryptocurrency over the last 12 hours. Source: Coinglass

The combined liquidations, totaling $134.5 million, marked the highest over a 12-hour period since July 8. Most of the liquidations took place on Binance and OKX, with a total value of $64.5 million and $44 million, respectively.

US Vice President Kamala Harris is considered the likely replacement for Biden as the Democratic Party nominee for president.

Bitcoin is trading at $67,850 at the time of publication, up 0.55% over the last 24 hours.

Magazine:Opinion: GOP crypto maxis almost as bad as Dems’ ‘anti-crypto army’# Bitcoin# Bitcoin Price# Elections# Leverage# Trading# Joe BidenAdd reaction