The price of Bitcoin exhibited substantial fluctuations during the address given by former U.S. President Donald Trump at Bitcoin 2024 in Nashville. In his speech, he disclosed his intentions to create a “strategic national bitcoin reserve” in the event of his re-election.
Bitcoin’s price initially surpassed $69,000, then declined to a minimum of $66,700 before recovering and reaching above $68,000. Trump’s declaration to establish a nationwide Bitcoin reserve was in line with the predictions of the market before the event, resulting in the liquidation of around $24 million worth of long positions only during the speech.
During the given timeframe, BTC had the largest liquidation value, amounting to $5.03 million. SOL followed with $2.44 million, while ETH had $1.46 million. The cumulative liquidations for different time frames amounted to $10.89 million, comprising $1.80 million in long holdings and $9.09 million in short positions.
The liquidation total for the 12 hours amounted to $146.87 million, with $94.20 million in long positions and $52.67 million in short positions. The total amount of liquidations for the 24 hours was $165.21 million, with $100.04 million in long holdings and $65.17 million in short positions.
The wider crypto market closely followed the price fluctuations of Bitcoin during the event, underscoring the substantial influence that prominent political leaders and policy announcements can exert on crypto markets.
Donald Trump’s proposition to establish a national reserve of Bitcoin signifies a possible change in the dynamics between conventional government establishments and digital assets.
