US President Joe Biden’s withdrawal from the 2024 presidential race led to a sharp crypto dip followed by a near-immediate correction, leading to huge liquidations.
Nearly $67 million worth of leveraged long positions were liquidated from the cryptocurrency market within 30 minutes of United States President Joe Biden’s withdrawal from the 2024 election.
The large liquidations, which took place between 5:30 pm and 6 pm UTC on July 21, were triggered by a sharp 2.3% fall in Bitcoin’s (BTC) price to $65,880, according to cryptocurrency markets platform Coinglass.
However, Bitcoin quickly recovered, reaching a 24-hour high of $68,480 — causing traders with exposure to leveraged short positions to lose a combined $34 million.
