Crypto market volatility burns $172 million

Bitcoin’s price quickly sunk on Sunday following Joe Biden’s announcement that he would not run for president in 2024. Th sudden drop resulted in the liquidation of millions of dollars in long positions, though it was only temporary.

According to data from Binance, Bitcoin’s value fell from $67.4K to $65.8K in just 30 minutes, with sales likely being prompted by the uncertainty surrounding such a significant election upheaval.

The price charts of other popular digital assets like Ethereum and Solana, also show similar short-term declines, Over the previous day, 59,044 traders were liquidated,  a total of $172.12 million. The biggest liquidation order was placed on Binance, $11 million worth of BTCUSDT.

According to CoinGlass data, most of those liquidations were long positions, totaling $110 million, most of which occurred during the significant market decline following Biden’s remark. At $49 million throughout that time, Bitcoin has been the most liquidated, followed by Ethereum at $31 million.

But since then, the values of Bitcoin and other valuable assets have increased to levels not seen in over a month, especially after Biden endorsed Vice President Kamala Harris to succeed him as the Democratic nominee.

Bitcoin reached a peak of $68,284, a level not seen since June 12; however, as of this writing, it has somewhat decreased. Furthermore, Solana is now at its highest price in the past two months at almost $185.

Popular political meme coins, such as KAMA, the most expensive meme currency featuring Kamala Harris, are manufactured on Solana. On Sunday, KAMA surged to a new all-time high price, surpassing $0.025 before beginning to decline. On the other hand, the most popular Biden token, “Jeo Boden” (BODEN), has dropped 52% today and is currently over 99% below its April peak price.