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The cryptocurrency market witnessed significant turbulence shortly after U.S. President Joe Biden announced his withdrawal<\/a> from the 2024 presidential election.<\/p>\n Within a 30-minute window, nearly $67 million in leveraged long positions were liquidated according to CoinGlass data<\/a>. This sudden market movement occurred between 5:30 PM and 6:00 PM UTC on July 21, triggered by a sharp 2.3% drop in Bitcoin\u2019s (BTC)<\/a> price, which fell from $67,713 to $65,880 according to CoinMarketCap data<\/a>.<\/p>\n However, the market quickly rebounded, with Bitcoin reaching a 24-hour high of $68,480. This rapid recovery led to losses for traders with leveraged short positions, totaling approximately $34 million.<\/p>\n Markus Thielen, founder of 10x Research, told Cointelegraph<\/a> that Biden\u2019s withdrawal might have initially been perceived as increasing Donald Trump\u2019s chances of victory. He said:<\/p>\n Biden was not credible to beat Trump so an alternative candidate could have limited Trump\u2019s chances. [\u2026] But there is no credible alternative\u2026 hence BTC pump.<\/p>\n<\/blockquote>\n Any news about Trump\u2019s odds of winning the election is seen as positive for the cryptocurrency industry by many. The reason is largely that he positioned himself as the pro-crypto candidate and has recently gone as far as to say that he wants all Bitcoin going forward to be mined in the United States.<\/a><\/p>\n Over a broader 12-hour period on July 21, the cryptocurrency market saw total liquidations of $134.5 million, with $81.1 million in long positions and $53.4 million in short positions being wiped out. This marks the highest liquidation volume in a 12-hour span since July 8.<\/p>\n The liquidations primarily affected Bitcoin ($43.8 million), Ethereum (ETH)<\/a> ($31.1 million), and Solana (SOL)<\/a> ($8.6 million). Major cryptocurrency exchanges<\/a> Binance and OKX bore the brunt of these liquidations, handling $64.5 million and $44 million respectively.<\/p>\n As the political landscape shifts, Vice President Kamala Harris is now considered the likely Democratic nominee for the upcoming presidential election. As of press time, Bitcoin is trading at $67,055, showing a 0.17% decrease over the past 24 hours.<\/p>\n<\/p><\/div>\nMarket perspectives<\/h2>\n
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