A dramatic turn of events unfolded in the cryptocurrency market following President Joe Biden's unexpected announcement that he will not seek re-election in 2024. Memecoins linked to the Biden family plummeted, losing over 60% of their value, while a Kamala Harris-related meme coin surged 133% before stabilizing.

The market reaction was swift and intense, with nearly $67 million in leveraged long positions liquidated within 30 minutes as Bitcoin's price dropped 2.3% to $65,880. However, Bitcoin quickly recovered, reaching a 24-hour high of $68,480, causing traders with leveraged short positions to lose a combined $34 million.

Markus Thielen, founder of 10x Research, attributed the sharp recovery to a "huge" buy order and noted that Biden's withdrawal has limited Donald Trump's chances, contributing to the Bitcoin price surge. The wider market impact was significant, with over $134.5 million in liquidations occurring within a 12-hour period, marking the highest 12-hour liquidation period since July 8.

As the 2024 election odds shift, Vice President Kamala Harris is now considered a likely replacement for the Democrat candidate, with Republican candidate Donald Trump holding 64% odds of winning, followed by Harris at 31%. Bitcoin's current trading price of $67,850 reflects the market's resilience and quick rebound following the initial shock of Biden's announcement.

In conclusion, President Biden's surprise exit has sparked wild market swings and liquidations, highlighting the cryptocurrency market's volatility and responsiveness to significant political events.