President Joe Biden's announcement on July 21 that he will not run in the 2024 election had a significant impact on the cryptocurrency market.
The news led to the liquidation of approximately $67 million in long positions within 30 minutes, causing Bitcoin's price to drop by 2.3% before it quickly rebounded.
The overall market experienced heightened volatility, with notable liquidations in Bitcoin, Ethereum, and Solana. This event highlights the sensitivity of the crypto market to major political development.