Data supplied by Coinglass, a globally renowned platform for crypto data analysis, has shown that the crypto liquidity surged by 150% since President Biden announced that he’s stepping down in the presidential race. Vice President Kamala Harris was chosen as the replacement, but that didn’t change anything as the crypto market experienced a small downward momentum.
Statistics Show That Bitcoin Leads the Chart
According to Coinglass, Bitcoin sat atop the charts with $49.5 million in liquidations ($21.5 million in shorts and $27.9 million in longs). Ethereum was trailing right behind with $36.6 million in liquidations. Out of those, $27 million were in longs and $9.6 million in shorts.
The data showed that Binance had the largest 24-hour liquidations. It sat at $84 million and 66.7% of them were longs.
Many experts are now speculating whether Harris’ rise in the presidential campaign will make a difference in the crypto world. Some argue yes because of Ryan Montoya. He was appointed director of scheduling & advance while Biden was still the frontrunner in the campaign.
Montoya is considered a tech-savvy perspective and he’s been a vocal advocate for blockchain technology. Nothing is certain, however, because Harris is yet to announce her running mate and none of the biggest favorites to join her have openly talked about cryptocurrency.
Survey States that Crypto Assets Are Increasingly Important
A recent survey by Harris Point on behalf of Grayscale showed that cryptocurrencies are important to voters in this election. That’s why many refer to it as the “Bitcoin Election.” Data showed that 47% of the voters will likely think of adding cryptocurrencies into their investment portfolios.
Moreover, voters were mainly interested in Bitcoin. Several events related to the cryptocurrency, including the Bitcoin ETF approval, which happened in January 2024 and the halving event in April of the same year, led people to believe that Bitcoin is the best option. Data shows that 18% of the respondents would consider investing in Bitcoin.
Former President Trump May Be Changing His Mind on Crypto
Trump may also have a change of heart regarding cryptocurrencies, especially Bitcoin. What he considered a “scam” several years ago, may now play a crucial role in his campaign. In January 2024, Trump stated that he wouldn’t allow the issuance of a central digital currency.
Then, he had a town hall on Fox News alongside Senator Tim Scott where he stated that even though he prefers the US dollar, he can’t deny that Bitcoin’s acceptance rate is growing rapidly. All that led to him being announced at the Bitcoin Conference, which will take place July 25-27.
He’s scheduled to speak in Nashville on Saturday at 3 pm ET. Some say that he’s likely to share a few words on a potential new regulation for Bitcoin and other digital assets. A reminder, Trump launched a non-fungible token on Solana in April.
In March, he also doubled down by saying that he won’t crack down on Bitcoin. While talking to CNBC he also said that he’s not sure if he even wanted “to take it away at this point.”
