{"id":10406,"date":"2024-07-22T07:26:29","date_gmt":"2024-07-22T07:26:29","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=10406"},"modified":"2024-07-22T07:26:32","modified_gmt":"2024-07-22T07:26:32","slug":"bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/","title":{"rendered":"Biden&#8217;s Exit Triggers $67M Crypto Liquidation in 30 Minutes"},"content":{"rendered":"\n<p>President Joe Biden&#8217;s withdrawal from the 2024 presidential race caused a significant drop in the cryptocurrency market, leading to a massive liquidation of long positions. Within 30 minutes of Biden&#8217;s announcement, nearly $67 million worth of leveraged long positions were liquidated.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Immediate Market Impact<\/h3>\n\n\n\n<p>The rapid sell-off occurred between 5:30 PM and 6 PM UTC on July 21, following a 2.3% decline in Bitcoin\u2019s price to $65,880. This sudden dip prompted the liquidation of many long positions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Quick Recovery and Further Liquidations<\/h3>\n\n\n\n<p>Despite the initial downturn, Bitcoin rebounded quickly, reaching a 24-hour high of $68,480. This swift recovery caused traders with leveraged short positions to incur a combined loss of $34 million.<\/p>\n\n\n\n<p>Markus Thielen, founder of cryptocurrency firm 10x Research, commented on the situation, stating, \u201cBiden was not credible to beat Trump, so an alternative candidate could have limited Trump\u2019s chances. But there is no credible alternative \u2026 hence BTC pump.\u201d Thielen also noted that a &#8220;huge&#8221; buy order contributed to the rapid market recovery.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Broader 12-Hour Liquidation Overview<\/h3>\n\n\n\n<p>In a wider 12-hour timeframe, the cryptocurrency market saw over $81.1 million in long positions and $53.4 million in short positions liquidated between 10 AM and 10 PM UTC on July 21. This included $43.8 million in Bitcoin and $31.1 million in Ether, with Solana experiencing $8.6 million in liquidations.<\/p>\n\n\n\n<p>These combined liquidations, totaling $134.5 million, were the highest over a 12-hour period since July 8. Most of the liquidations occurred on Binance and OKX, with $64.5 million and $44 million, respectively.<\/p>\n\n\n\n<p>With Biden stepping down, Vice President Kamala Harris is considered the likely replacement for the Democratic candidacy. According to decentralized predictions platform Polymarket, Republican candidate Donald Trump has a 64% chance of winning the 2024 election, followed by Harris at 31%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden&#8217;s withdrawal from the 2024 presidential race caused a significant drop in the cryptocurrency market, leading to a massive liquidation of long positions. Within 30 minutes of Biden&#8217;s announcement, nearly $67 million worth of leveraged long positions were liquidated. Immediate Market Impact The rapid sell-off occurred between 5:30 PM and 6 PM UTC [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":6464,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[257,43],"tags":[],"class_list":{"0":"post-10406","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin","8":"category-general-news"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Biden&#039;s Exit Triggers $67M Crypto Liquidation in 30 Minutes<\/title>\n<meta name=\"description\" content=\"President Joe Biden&#039;s withdrawal from the 2024 presidential race caused a significant drop in the cryptocurrency market, leading to a massive liquidation\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Biden&#039;s Exit Triggers $67M Crypto Liquidation in 30 Minutes\" \/>\n<meta property=\"og:description\" content=\"President Joe Biden&#039;s withdrawal from the 2024 presidential race caused a significant drop in the cryptocurrency market, leading to a massive liquidation\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoMeter.io\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-22T07:26:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-22T07:26:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/biden.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"590\" \/>\n\t<meta property=\"og:image:height\" content=\"350\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adam L\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CryptoMeterIO\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoMeterIO\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adam L\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/\"},\"author\":{\"name\":\"Adam L\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#\/schema\/person\/d05d4ef65ae9752036cc2b5e044592f9\"},\"headline\":\"Biden&#8217;s Exit Triggers $67M Crypto Liquidation in 30 Minutes\",\"datePublished\":\"2024-07-22T07:26:29+00:00\",\"dateModified\":\"2024-07-22T07:26:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/\"},\"wordCount\":279,\"publisher\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/biden.jpg\",\"articleSection\":[\"Bitcoin\",\"General News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/\",\"url\":\"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/\",\"name\":\"Biden's Exit Triggers $67M Crypto Liquidation in 30 Minutes\",\"isPartOf\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/biden.jpg\",\"datePublished\":\"2024-07-22T07:26:29+00:00\",\"dateModified\":\"2024-07-22T07:26:32+00:00\",\"description\":\"President Joe Biden's withdrawal from the 2024 presidential race caused a significant drop in the cryptocurrency market, leading to a massive liquidation\",\"breadcrumb\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/#primaryimage\",\"url\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/biden.jpg\",\"contentUrl\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/biden.jpg\",\"width\":590,\"height\":350,\"caption\":\"biden\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.cryptometer.io\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Biden&#8217;s Exit Triggers $67M Crypto Liquidation in 30 Minutes\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#website\",\"url\":\"https:\/\/www.cryptometer.io\/news\/\",\"name\":\"CryptoMeter.io\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\"},\"alternateName\":\"CryptoMeter.io\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.cryptometer.io\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\",\"name\":\"CryptoMeter.io\",\"url\":\"https:\/\/www.cryptometer.io\/news\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/i0.wp.com\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/01\/cropped-favicon_large.png?fit=512%2C512&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/01\/cropped-favicon_large.png?fit=512%2C512&ssl=1\",\"width\":512,\"height\":512,\"caption\":\"CryptoMeter.io\"},\"image\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/x.com\/CryptoMeterIO\"],\"publishingPrinciples\":\"https:\/\/www.cryptometer.io\/news\/about-us\/\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#\/schema\/person\/d05d4ef65ae9752036cc2b5e044592f9\",\"name\":\"Adam L\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/cropped-3-96x96.png\",\"url\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/cropped-3-96x96.png\",\"contentUrl\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/cropped-3-96x96.png\",\"caption\":\"Adam L\"},\"description\":\"In the world of blockchain and cryptocurrencies, I have a great deal of passion and interest. My interest in blockchain and cryptocurrencies has led me to explore these technologies in greater depth, as I am interested in the potential implications they could have on the global economy.\",\"url\":\"https:\/\/www.cryptometer.io\/news\/author\/adam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Biden's Exit Triggers $67M Crypto Liquidation in 30 Minutes","description":"President Joe Biden's withdrawal from the 2024 presidential race caused a significant drop in the cryptocurrency market, leading to a massive liquidation","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/","og_locale":"en_US","og_type":"article","og_title":"Biden's Exit Triggers $67M Crypto Liquidation in 30 Minutes","og_description":"President Joe Biden's withdrawal from the 2024 presidential race caused a significant drop in the cryptocurrency market, leading to a massive liquidation","og_url":"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/","og_site_name":"CryptoMeter.io","article_published_time":"2024-07-22T07:26:29+00:00","article_modified_time":"2024-07-22T07:26:32+00:00","og_image":[{"width":590,"height":350,"url":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/biden.jpg","type":"image\/jpeg"}],"author":"Adam L","twitter_card":"summary_large_image","twitter_creator":"@CryptoMeterIO","twitter_site":"@CryptoMeterIO","twitter_misc":{"Written by":"Adam L","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/#article","isPartOf":{"@id":"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/"},"author":{"name":"Adam L","@id":"https:\/\/www.cryptometer.io\/news\/#\/schema\/person\/d05d4ef65ae9752036cc2b5e044592f9"},"headline":"Biden&#8217;s Exit Triggers $67M Crypto Liquidation in 30 Minutes","datePublished":"2024-07-22T07:26:29+00:00","dateModified":"2024-07-22T07:26:32+00:00","mainEntityOfPage":{"@id":"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/"},"wordCount":279,"publisher":{"@id":"https:\/\/www.cryptometer.io\/news\/#organization"},"image":{"@id":"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/#primaryimage"},"thumbnailUrl":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/biden.jpg","articleSection":["Bitcoin","General News"],"inLanguage":"en-US","copyrightYear":"2024","copyrightHolder":{"@id":"https:\/\/www.cryptometer.io\/news\/#organization"}},{"@type":"WebPage","@id":"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/","url":"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/","name":"Biden's Exit Triggers $67M Crypto Liquidation in 30 Minutes","isPartOf":{"@id":"https:\/\/www.cryptometer.io\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/#primaryimage"},"image":{"@id":"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/#primaryimage"},"thumbnailUrl":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/biden.jpg","datePublished":"2024-07-22T07:26:29+00:00","dateModified":"2024-07-22T07:26:32+00:00","description":"President Joe Biden's withdrawal from the 2024 presidential race caused a significant drop in the cryptocurrency market, leading to a massive liquidation","breadcrumb":{"@id":"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/#primaryimage","url":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/biden.jpg","contentUrl":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/biden.jpg","width":590,"height":350,"caption":"biden"},{"@type":"BreadcrumbList","@id":"https:\/\/www.cryptometer.io\/news\/bidens-exit-triggers-67m-crypto-liquidation-in-30-minutes\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.cryptometer.io\/news\/"},{"@type":"ListItem","position":2,"name":"Biden&#8217;s Exit Triggers $67M Crypto Liquidation in 30 Minutes"}]},{"@type":"WebSite","@id":"https:\/\/www.cryptometer.io\/news\/#website","url":"https:\/\/www.cryptometer.io\/news\/","name":"CryptoMeter.io","description":"","publisher":{"@id":"https:\/\/www.cryptometer.io\/news\/#organization"},"alternateName":"CryptoMeter.io","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.cryptometer.io\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.cryptometer.io\/news\/#organization","name":"CryptoMeter.io","url":"https:\/\/www.cryptometer.io\/news\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.cryptometer.io\/news\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/01\/cropped-favicon_large.png?fit=512%2C512&ssl=1","contentUrl":"https:\/\/i0.wp.com\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/01\/cropped-favicon_large.png?fit=512%2C512&ssl=1","width":512,"height":512,"caption":"CryptoMeter.io"},"image":{"@id":"https:\/\/www.cryptometer.io\/news\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/CryptoMeterIO"],"publishingPrinciples":"https:\/\/www.cryptometer.io\/news\/about-us\/"},{"@type":"Person","@id":"https:\/\/www.cryptometer.io\/news\/#\/schema\/person\/d05d4ef65ae9752036cc2b5e044592f9","name":"Adam L","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/cropped-3-96x96.png","url":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/cropped-3-96x96.png","contentUrl":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/cropped-3-96x96.png","caption":"Adam L"},"description":"In the world of blockchain and cryptocurrencies, I have a great deal of passion and interest. My interest in blockchain and cryptocurrencies has led me to explore these technologies in greater depth, as I am interested in the potential implications they could have on the global economy.","url":"https:\/\/www.cryptometer.io\/news\/author\/adam\/"}]}},"jetpack_featured_media_url":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/biden.jpg","_links":{"self":[{"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/posts\/10406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/comments?post=10406"}],"version-history":[{"count":2,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/posts\/10406\/revisions"}],"predecessor-version":[{"id":10425,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/posts\/10406\/revisions\/10425"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/media\/6464"}],"wp:attachment":[{"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/media?parent=10406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/categories?post=10406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/tags?post=10406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}