đ¨đ¨ Joe Bidenâs withdrawal wiped $67M of crypto long positions in 30 minutesđ¨đ¨$BTC $ETH $BNB
US President Joe Bidenâs withdrawal from the 2024 presidential election raceđ led to a sharp crypto dip đfollowed by a near-immediate correction, causing massive liquidations.
Nearly $67 million đ°of leveraged long positions were liquidated from the cryptocurrencyđ˛ market within 30 minutes â°of United States President Joe Bidenâs 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 to $65,880, according to cryptocurrency markets platform CoinGlassđš.
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.
âBiden was not credible to beat Trump so an alternative candidate could have limited Trumpâs chances,â said Markus Thielen, founder of cryptocurrency firm 10x Research. âBut there is no credible alternative⌠hence BTC pump.â
Thielen said a âhugeâ buy order also hit the market around that time, contributing to the sharp recovery â¤ď¸â𩹠.#Write2Earn! #Write&Earn #Biden_Out_BTC_Up #update #BinanceTurns7