Joe Biden Resigns, Bitcoin Price Rises!

Joe Biden Resigns, Bitcoin Price Soars. (Photo; Doc. CryptoNoticias)

JAKARTA - This week, the crypto market experienced price fluctuations that attracted the attention of many investors. Bitcoin prices experienced movement following a surprise announcement from US President Joe Biden.

According to Bitcoin.com News information, at 16:30 EDT, Bitcoin was trading between 67,968 US Dollars (around Rp1,102 billion) to 68,108 US Dollars (around Rp1.105 billion) per unit, after briefly dropping sharply to 65,833 US Dollars (around Rp1.06) per coin. Biden's decision not to run again in the 2024 election is the main trigger for this fluctuation.

However, Bitcoin isn't the only one affected. Ethereum (ETH) also experienced large liquidation with 29.58 million US Dollars (around Rp479 billion) deleted long positions. A total of 145.35 million US Dollars (around Rp2.3 trillion) short and long combined positions were liquidated during the price fluctuation.

More than 49,000 traders have been liquided in the past 24 hours, with one Bitcoin leverage bet in Binance reaching a loss of 10.95 million US Dollars (around Rp. 177 billion). Even in the last four hours after Biden's resignation news, more than 70 million US Dollars (approximately Rp1.1 trillion) were in long positions and 31 million US Dollars (approximately Rp502 billion) short positions occurred.

This turmoil highlights the close relationship between the crypto market and global political developments. A country leader's decision could affect investor sentiment and drive the market.

In this case, Biden's announcement is one of the main factors that triggers volatility. Crypto investors must remain vigilant and understand the risks involved. Risk management is key in dealing with volatile fluctuations.