TLDR
President
Joe
Biden
has
withdrawn
from
the
2024
presidential
race,
sending
ripples
through
the
cryptocurrency
markets.
The
announcement
on
Sunday,
July
22,
led
to
swift
price
movements
and
significant
market
liquidations.
Following
Biden’s
withdrawal,
Bitcoin’s
price
experienced
a
quick
dip,
falling
2.8%
to
$65,800.
However,
the
world’s
largest
cryptocurrency
bounced
back
rapidly,
gaining
over
3.6%
shortly
after.
This
volatility
triggered
substantial
liquidations
in
the
crypto
derivatives
market.
Within
just
30
minutes
of
the
news
breaking,
nearly
$67
million
worth
of
leveraged
long
positions
were
wiped
out.
Price
on
CoinGecko
The
market’s
reaction
didn’t
stop
there.
Over
a
12-hour
period,
more
than
$134.5
million
in
both
long
and
short
positions
were
liquidated.
Bitcoin
accounted
for
$43.8
million
of
these
liquidations,
while
Ethereum
saw
$31.1
million
wiped
out.
Most
of
these
liquidations
occurred
on
major
exchanges
like
Binance
and
OKX.
Some
analysts
view
Biden’s
exit
as
potentially
positive
for
the
crypto
sector.
Josh
Gilbert,
a
market
analyst
at
eToro,
described
it
as
a
“win
for
crypto
assets.”
He
suggested
that
former
President
Donald
Trump’s
improved
chances
of
reelection
could
provide
a
“huge
boost”
to
the
asset
class.
Trump
has
recently
made
cryptocurrencies
a
key
part
of
his
campaign,
promising
to
end
what
he
calls
the
Biden
administration’s
“war
on
crypto.”
However,
not
all
experts
are
convinced
that
Biden’s
withdrawal
will
lead
to
an
immediate
surge
in
crypto
prices.
Pav
Hundal,
an
analyst
at
Swyftx,
warned
that
it
would
be
difficult
to
directly
link
Biden’s
exit
to
the
current
bounce
in
the
broader
crypto
market.
He
advised
investors
to
remain
cautious
and
not
get
overly
excited
in
the
short
term.
The
race
for
the
Democratic
nomination
is
now
wide
open.
Vice
President
Kamala
Harris
is
considered
a
likely
replacement
for
Biden
as
the
Democratic
candidate.
Those
who
think
Trump/Vance
will
win
by
a
landslide
are
getting
ahead
of
themselves.
The
American
public
doesn’t
trust
Trump
after
the
events
of
Jan
6th.
I
was
no
fan
of
Biden
or
Kamala
but
Dems
could
still
nominate
Newsom,
Michelle
Obama
or
another
leading
Dem
to
be
their…https://t.co/xqbq5NPpmH
—
Gary
Black
(@garyblack00)July
21,
2024
However,
some
speculate
that
other
prominent
Democrats
like
Gavin
Newsom
or
Michelle
Obama
could
potentially
enter
the
race.
Looking
ahead,
the
crypto
market
may
face
additional
factors
that
could
influence
prices.
The
upcoming
launch
of
spot
Ethereum
ETFs
in
the
U.S.
is
seen
as
a
potential
catalyst
for
growth
across
the
market.
Additionally,
some
analysts
speculate
about
bold
moves
a
crypto-friendly
president
might
make,
such
as
announcing
Bitcoin
as
a
strategic
reserve
asset
for
the
U.S.
government.
As
the
political
landscape
shifts,
the
cryptocurrency
market
continues
to
react
to
these
developments.
While
some
see
potential
benefits
for
crypto
under
a
possible
Trump
presidency,
others
caution
against
making
early
predictions.
The
coming
months
are
likely
to
bring
more
clarity
as
the
election
race
unfolds
and
its
potential
impact
on
the
crypto
sector
becomes
clearer.
Go to Source
Author: Oliver Dale
