Bitcoins Flash Crash Below $66K and Rebound Above $68K Following Biden's Election Decision

On Sunday at 4:30 p.m. EDT, bitcoin (BTC) is trading between $67,968 to $68,108 per unit, following a flash dip to $65,833 per coin after U.S. President Joe Biden announced his withdrawal from the 2024 election. The volatility on July 21 led to the liquidation of $37.32 million in bitcoin long positions over the past 24 hours and over $100 million in longs across the entire crypto market.

Bitcoins Wild Sunday: Price Swings and Liquidations Follow Biden News

The crypto market has been volatile today, with an intraday low of $65,833 per unit and a high of $68,239 on Sunday afternoon at 4:30 p.m. EDT. The crypto economy is valued at $2.45 trillion and despite the BTC price rise, the market as a whole is down 0.19%.

After the announcement, BTC ripped to a low of $65,833 and then swiftly jumped back above the $68K zone.

Interestingly, the drop below $66,000 on Sunday coincided with Joe Bidens announcement that he would not be running for President of the U.S. in 2024. The drop led to $100.26 million in long liquidations on crypto derivatives markets of which $37.32 million were bitcoin long positions.

Ethereum (ETH) saw $29.58 million in longs get wiped out. $145.35 million of both shorts and longs combined was also liquidated during the volatile price swings. In the last day, 49,787 traders were liquidated and one bitcoin-leveraged bet on Binance saw $10.95 million erased in a single bet. More than $70 million longs and over $31 million shorts all occurred within the last four hours amid Bidens dropout news.