3.3 C
New York
January 31, 2025
News Network

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

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.

READ
BlackRock Reacts To False Bitcoin Spot ETF Approval News In A Positive Way

Related posts

Ethereum’s Holesky Testnet Fails to Launch, in Rare Tech Misstep for the Blockchain

admin

Bitcoin Rally to $42K Fueled by ‘Panic Buying,’ Pushes Crypto Market Cap Over $1.5T

admin

YouTuber Loses $60K Worth of Crypto After Showing Seed Phrases on Stream

admin