Biden's Withdrawal from the Presidential Race Rocks the Crypto Market, Triggers $67 Million Bitcoin Liquidation

Benzinga

US President Joe Biden's withdrawal from the 2024 presidential election race led to a sharp drop in the price of Bitcoin within 30 minutes, liquidating around $67 million worth of leveraged long crypto positions.

Transcript

00:00It's Benzinga, and here's what's on the block.

00:02U.S. President Joe Biden's withdrawal from the 2024 presidential election race led to

00:07a sharp drop in the price of Bitcoin within 30 minutes, liquidating around $67 million

00:12worth of leveraged long crypto positions.

00:14Bitcoin prices then quickly recovered, liquidating around $34 million of leveraged short positions.

00:20The top three cryptocurrencies affected were Bitcoin, Ether, and Solana.

00:25Most of the liquidations took place on the Binance and OKEx exchanges.

00:29For all things money, visit Benzinga.com.

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