Bitcoin’s price fell sharply on Sunday after Joe Biden announced he would withdraw from the 2024 presidential election. But while the drop led to the liquidation of millions of dollars in long positions, it was short-lived.
Bitcoin’s price quickly dropped from $67,453 to $65,884 in 30 minutes, according to data from CoinGecko, with the uncertainty of such a major election upset apparently prompting some selling. Price charts for other top cryptocurrencies, including Ethereum and Solana, show similar short-term drops, reflecting the broader impact on the market at the moment.
But after that, especially after Biden endorsed Vice President Kamala Harris as the Democratic nominee, prices of Bitcoin and other leading assets soared to highs not seen in more than a month.
Bitcoin has climbed to $68,284, a price not seen since June 12, although it has fallen slightly at the time of writing. And at a current price of nearly $185, Solana has reached its highest price in two months.
Most major political coins are minted on Solana, including KAMA, Kamala Harris’ most valuable meme coin. KAMA hit a new all-time high on Sunday, surpassing $0.025 before calming down. Conversely, Biden’s main token, “Jeo Boden” (BODEN), fell 52% on the day and is now nearly 99% below its April all-time high.
Amid the volatility, both long and short positions saw significant liquidations on Sunday. Over the past 24 hours, there have been nearly $159 million in liquidations on positions that bet on whether an asset’s price will rise or fall over time.
Long positions make up the majority of that tally, according to CoinGlass data, with $99 million in liquidations across the market — and much of that came during the sharp price drop following Biden’s announcement. Bitcoin leads the way in total liquidations with $46 million over that period, followed by Ethereum with $31 million.
