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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.
Updated Jul 27, 2024, 9:26 p.m. Published Jul 27, 2024, 9:24 p.m.
Bitcoin 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.
Read more: Trump Says Democrats Winning Election Will Be Disaster for Crypto: 'Every One of You Will Be Gone'
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