The price of Bitcoin quickly dipped Sunday after Joe Biden announced that he would drop out of the 2024 presidential election. But while the plunge led to the liquidation of millions of dollars in long positions, it was short-lived.
Bitcoin quickly fell from a price of $67,453 to $65,884 within 30 minutes, per data from CoinGecko, with the uncertainty of such a prominent election shakeup apparently prompting sales. The price charts for other top cryptocurrencies including Ethereum and Solana show similar short-term dives, reflecting the broader market impact at the moment.
But after that, including following Biden's endorsement of Vice President Kamala Harris to take his place as the Democratic candidate, the prices of Bitcoin and other top assets have climbed to highs not seen in more than a month.
Bitcoin jumped as high as $68,284, a price not seen since June 12, though it has cooled slightly as of this writing. And at a current price of nearly $185, Solana has hit its highest price in two months.
Polymarket Goes Wild as Biden Drops Out of Race, Endorses Kamala Harris
Following weeks of increasing pressure from Democrats, President Joe Biden announced Sunday that he will drop out of the 2024 presidential race and not seek reelection. He will finish out his term, however. "While it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and focus solely on fulfilling my duties as President for the remainder of my term," Biden wrote in a letter posted to Twitter (aka X). Biden said he will...
Most of the major political meme coins are minted on Solana, including KAMA, the most valuable Kamala Harris meme coin. KAMA pumped to a new all-time high price on Sunday, rising above $0.025 before cooling off. Conversely, leading Biden token "Jeo Boden" (BODEN) is down 52% on the day, and now is nearly 99% down from its peak price from April.
Amid the volatility, both long and short positions have seen sizable liquidations Sunday. Over the past 24 hours, there have been nearly $159 million worth of liquidations on positions that bet whether an asset's price will rise or fall over time.
Kamala and Crypto? How Biden's Potential Replacements Feel About Bitcoin
With key members of his own party reviving a push to keep President Joe Biden out of the 2024 election, attention has now shifted to the handful of prominent Democrats who might take his place atop the ticket. As the prospect of that major shift looms, many in crypto are asking: How might these replacements govern when it comes to crypto? Multiple prominent crypto policy makers recently told Decrypt that any Biden replacement would mark a welcome change, as the crypto regulatory landscape coul...
Long positions make up the majority of that tally, per data from CoinGlass, with $99 million worth of liquidations across the market—and a large chunk of that came during the big price dip after Biden's announcement. Bitcoin leads total liquidations with $46 million over that span, with Ethereum next up at $31 million.
