Joe Biden Resigns, Bitcoin Prices Actually Rise

Bittime - President Joe Biden's surprise decision to withdraw from running for the 2024 presidential election has shaken the crypto market. However, Bitcoin actually recorded the highest price increase in the last month.

Bitcoin Price Rises

On Sunday, Bitcoin prices experienced a sharp decline shortly after Biden's announcement. In just 30 minutes, the price of Bitcoin plummeted from $67,453 (Rp. 1,092 billion) to $65,884 (Rp. 1.067 billion). 

Similar declines were also experienced by other crypto assets such as Ethereum and Solana. This shows the far-reaching impact of political uncertainty on the crypto market.

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However, this turmoil turned out to be only temporary. After Biden announced his support for Vice President Kamala Harris as the Democratic candidate, the price of Bitcoin and other crypto assets soared to the highest level in more than a month. 

Bitcoin even touched a price of $68,284 (Rp. 1.1 billion), a level that had not been reached since June 12.

Solana, one of the top crypto assets, also recorded impressive performance with a price approaching $185 (Rp. 2.9 million), the highest in the last two months. An interesting phenomenon also occurs with political meme coins which are mostly based on the Solana network. 

KAMA, a meme coin related to Kamala Harris, skyrocketed to an all-time high above $0.025 (Rp 405). In contrast, Biden supporter token “Jeo Boden” (BODEN) plummeted 52% in a day and has now lost nearly 99% of its value compared to its price peak in April.

Also Read How To Buy Crypto:

Massive Liquidation of Crypto Markets

This market volatility resulted in massive liquidation of both long and short positions. Data from CoinGlass shows total liquidations reached almost $159 million (Rp. 2.57 trillion) in the last 24 hours. 

The majority occurred in long positions worth $99 million (Rp. 1.60 trillion). Bitcoin was the asset with the largest liquidation, reaching $46 million (Rp. 745.2 billion), followed by Ethereum at $31 million (Rp. 502.2 billion).

This event once again shows how sensitive the crypto market is to global political developments. Analysts advise investors to remain vigilant and monitor developments in the situation. 

This is considering that the political year 2024 is getting closer. This is what will likely continue to have a significant influence on digital asset price movements.

How To Buy Crypto With Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.