How Biden Eliminated Long Positions
Disturbances in traditional markets can greatly affect cryptos as well. Joe Biden's withdrawal from the presidential election race brought turmoil to both the stock markets and cryptos.
On crypto exchanges, about $67 million in leveraged long positions were wiped out after Biden's announcement while the price of Bitcoin fell nearly 2.3%.
The rally came about 24 hours after the announcement and shorters were exposed as they lost more than $30 million in short positions.
Such position building can be repeated several times until the US election, giving short-term traders opportunities for several moves.
The replacement, Kamala Harris, may be able to give voters alternatives to Donald Trump.
The battle for Bitcoin will continue until November…..
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