Crypto liquidations surged by 150% in the past 24 hours as the market reacted to U.S. President Joe Biden leaving the upcoming elections and Vice President Kamala Harris joining the race.
This led to $174 million in total crypto liquidations, according to Coinglass. Bitcoin led with $49.5 million liquidated, followed by Ethereum with $36.6 million. The most significant BTC liquidation was $10.95 million on Binance.
Binance had the largest share of liquidations at $84 million. The global crypto market cap briefly hit $2.6 trillion but fell to $2.56 billion due to investor reactions. Speculations are rising about Harris’ stance on crypto and its future impact.
The strategic importance lies in how U.S. political changes can rapidly influence the crypto market, highlighting its volatility and investor sensitivity.
