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.
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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.