Yahya 
Within 30 minutes following US President Joe Biden’s exit from the 2024 contest, around $67 million worth of leveraged long bets were liquidated from the bitcoin market.
According to Bitcoin markets platform Coinglass, a significant 2.3% drop in Bitcoin’s price to $65,880 set off the massive liquidations that occurred on July 21 between 5:30 and 6 pm UTC. But Bitcoin rebounded fast, rising to a 24-hour high of $68,480, which caused traders with leveraged short positions to lose $34 million overall.
Reaction of the Market to Biden’s Withdrawal
“Biden was not credible to beat Trump so an alternative candidate could have limited Trump’s chances” said Markus Thielen, founder of bitcoin company 10x Research. “But there is no credible alternative… hence BTC pump.” A “huge” purchase order also entered the market around that time, according to Thielen, which helped to drive the quick rebound.
Between 10 am and 10 pm UTC on July 21, over a greater 12-hour period, more than $81.1 million and $53.4 million in long and short positions were wiped out. It comprised $31.1 million of Ether and $43.8 million worth of Bitcoin; Solana liquidated $8.6 million. Comprising $134.5 million, the combined liquidations was the biggest during a 12-hour period since July 8. With a total value of $64.5 million and $44 million respectively, Binance and OKX handled most of the liquidations.
Future Implications
Considered the most probable successor for Biden as a Democrat contender is US Vice President Kamala Harris. Polymarket’s distributed forecasts platform shows Republican nominee Donald Trump with 64% chances of winning the 2024 election, followed by Harris at 31%.
Up 0.70% over the last 24 hours, Bitcoin is trading at $67.656 right now.
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