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.

Bitcoin’s 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 Biden’s 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 Biden’s dropout news.

What do you think about bitcoin’s volatility on Sunday afternoon following Biden’s announcement? Share your thoughts and opinions about this subject in the comments section below.