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

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

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.

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

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

By Shaurya Malwa
AccessTimeIconJul 27, 2024, 9:24 PM
Updated Jul 27, 2024, 9:26 PM
Donald Trump (Brandon Bell/Getty Images)

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.

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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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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

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