What Are Experts Saying About the Crypto Market After Joe Biden’s Withdrawal?
US President Joe Biden has withdrawn from the 2024 presidential contest in favor of the Democratic Party candidacy of Vice President Kamala Harris. Following an extraordinary statement on Sunday, U.S. futures saw a modest increase; nevertheless, the news had a more immediate effect on the 24/7 digital asset market. Bitcoin’s price fell by almost 3% to an intraday low of $66,000, but it swiftly recovered lost ground in the hours that followed, and as of this writing, it was trading at roughly $67,077.
- The $175 million in liquidations over the last day suggests that traders using large leverage were probably affected by the initial and abrupt downturn.
- Of those liquidations, $112 million came from traders holding long holdings, according to data from CoinGlass.
What Happened in Crypto Markets After Biden’s Decision to Withdraw? The Dramatic Fall of BODEN and JILLBODEN
The announcement made by Biden affected traders in cryptocurrency prediction markets as well. Notably, a trader on the Polymarket platform by the name of “AnonBidenBull” lost an incredible $2 million on his bets on Biden winning the election in November.
- Large surges in trade activity were also observed in other places for meme coins inspired by Joe Biden.
- Following the announcement, the Solana-based memecoin BODEN fell 57.43% to a low of $0.009477.
- Following the announcement, the value of JILLBODEN, a memecoin associated with the First Lady, dropped by 82.4%, while KAMA, a more recent and illiquid token associated with Vice President Harris, increased by 61.86%.
FAQ
How Did Biden’s Decision to Withdraw Affect the Crypto Market?
Biden’s decision to withdraw has caused uncertainty in the crypto market, increasing volatility. Such political events can affect investor confidence and cause fluctuations in the value of cryptocurrencies.
What Happened to the Bitcoin Price After Biden’s Withdrawal?
After Biden’s decision to withdraw, the Bitcoin price experienced an immediate drop. However, due to the nature of the crypto market, prices may tend to fluctuate and rebalance in a short period of time.
How Did Biden’s Decision to Withdraw Affect Other Altcoins?
Biden’s decision to withdraw had similar effects on altcoins other than Bitcoin. Most altcoins fluctuated in line with the price movements of the market leader Bitcoin, and showed changes depending on investors’ risk appetite.
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