Bitcoin (BTC) Prices Dive, Then Jump, as Trump's Speech Reveals Strategic Asset Plans

Bitcoin (BTC) price volatility boomed as former U.S. President Donald Trump's speech at Bitcoin 2024 in Nashville.

Trump unveiled plans to make a "strategic national bitcoin stockpile" if elected, which was in line with the market expectations heading into the speech.

In the lead-up to Trump's comments, the digital asset rose above $69,000 on Saturday. The price fell to as low as $66,700 before jumping back over $68,000, data from CoinGecko shows, as traders digested the speech. The broader market index, CoinDesk20, followed the same pattern.

Nearly $24 million in longs, or bets on higher prices, were liquidated during the speech, which may have contributed to the price decline.

Edited by Nick Baker.

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Bitcoin Prices See Wild Trading as Trump Plans to Establish BTC as U.S. Strategic Asset

Over $24 million in bitcoin longs were liquidated in the past hour, data shows, amid Trump's speech at Bitcoin 2024.