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Bitcoin Surges Following Biden’s Election Exit Announcement
Bitcoin and Major Cryptos Rally After Biden’s Presidential Race Exit
The cryptocurrency market experienced a swift but temporary downturn following Joe Biden’s unexpected withdrawal from the 2024 presidential race. Initially, Bitcoin’s price fell sharply from $67,453 to $65,884 within half an hour, reflecting the market’s reaction to the sudden political news, as per CoinGecko data.
Short-Term Impact and Market Recovery
This initial dip led to significant liquidations, with millions in long positions being wiped out. Other major cryptocurrencies like Ethereum and Solana also mirrored this brief decline, indicating a broader market sentiment influenced by the uncertainty of a major election development.
However, the market downturn was short-lived. Post-Biden’s announcement and his subsequent endorsement of Vice President Kamala Harris as the Democratic candidate, Bitcoin and other cryptocurrencies recovered robustly. Bitcoin ascended to $68,284, marking its highest price since June 12, while Solana reached a two-month peak at nearly $185.
Political Meme Coins React to the News
The political shift also impacted meme coins associated with political figures. Most notable political meme coins, particularly those minted on Solana, saw varied reactions. KAMA, a Kamala Harris-themed meme coin, soared to a new all-time high, briefly touching $0.025. Conversely, the Biden-themed token “Jeo Boden” (BODEN) suffered a significant drop, declining by 52% on the day and nearly 99% from its April peak.
Market Liquidations and Volatility
The volatility around Biden’s announcement spurred substantial market liquidations. Over the past 24 hours, nearly $159 million in liquidations occurred, affecting both long and short positions. Bitcoin led these liquidations with $46 million, followed by Ethereum with $31 million, predominantly during the initial price dip after the announcement.
Looking Ahead
As the market stabilizes and adjusts to the new political landscape, investors and traders are closely monitoring the potential impacts of Kamala Harris’s candidacy on the crypto market. The swift recovery post-Biden’s dropout highlights the crypto market’s resilience and its sensitivity to global events, setting the stage for potentially more fluctuations as the 2024 presidential race progresses.
Disclaimer: The projections and information presented here are for educational purposes only and should not be considered financial advice. CoinGrab.Asia assumes no responsibility for any losses resulting from the use of this data. Readers are encouraged to perform their own research and proceed cautiously before engaging in any related activities.
