Trump speaking at Bitcoin 2024. Source: Bitcoin Magazine Livestream.
Key points
- Trump's Bitcoin 2024 speech triggered a sharp rise and then a fall in Bitcoin prices.
- During the speech, nearly $24 million in long Bitcoin positions were liquidated.
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Bitcoin prices experienced significant volatility during former US President Donald Trump's speech at Bitcoin 2024 in Nashville, where he revealed plans to establish a “National Strategic Reserve of Bitcoins” if he is re-elected.
Bitcoin (BTC) price experienced dramatic swings as traders reacted to Trump's comments. Before the speechBitcoin price rose above $69,000 but subsequently fell to $66,700 before recovering to above $68,000, according to data from CoinGecko.
Trump’s announcement of his plans to create a national Bitcoin reserve if elected matched market expectations leading up to the event. The former president’s comments sparked a flurry of trading activity, with nearly $24 million in long positions liquidated during the speech alone.
Settlement data
Data from Coinglass indicates that BTC experienced the highest liquidation value at $5.03 million, followed by SOL at $2.44 million and ETH at $1.46 million within the selected time period. This indicates a significant forced selling volume in these cryptocurrencies, with BTC being the most affected.
On the right side, the sheet details total liquidations for various periods. In the past hour, total liquidations reached $10.89 million, with $1.80 million in long positions and $9.09 million in short positions. In four hours, liquidations amounted to $94.96 million, with long positions worth $71.28 million and short positions worth $23.68 million.
Total liquidations in 12 hours were $146.87 million, with $94.20 million in long positions and $52.67 million in short positions. In the 24-hour period, liquidations totaled $165.21 million, with long positions at $100.04 million and short positions at $65.17 million. These figures highlight that liquidations have been more significant for long positions across all time frames, indicating higher losses for traders in long positions.
The broader cryptocurrency market mirrored Bitcoin’s price movements throughout the event. This volatility highlights the significant impact that high-profile political figures and policy announcements can have on cryptocurrency markets.
Rapid price fluctuations and substantial liquidations underscore the current sensitivity of cryptocurrency markets to regulatory and political changes. Trump’s proposal to create a national bitcoin reserve represents a potential shift in the relationship between traditional government institutions and digital assets, should it materialize.
Earlier this month, Donald Trump advocated for all future Bitcoin mining to be done in the United States to counter central bank digital currencies and enhance national energy dominance.
Analysts also noted a notable increase in Bitcoin options implied volatility, speculating on significant announcements from Trump at the upcoming Bitcoin 2024 conference.
Donald Trump's proposed policy for a US dollar weaker If re-elected, his potential to boost Bitcoin values has been discussed, marking a shift from traditional strong-dollar policies.
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