Trump speech at Bitcoin 2024 triggers $24M in long liquidations amid market volatility

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Bitcoin prices experienced significant volatility during former U.S. President Donald Trump’s speech at Bitcoin 2024 in Nashville, where he unveiled plans to establish a “strategic national bitcoin stockpile” if re-elected.

The price of Bitcoin (BTC) saw dramatic swings as traders reacted to Trump’s remarks. Prior to the speech, Bitcoin rose above $69,000. However, the price subsequently dropped to as low as $66,700 before rebounding to over $68,000, according to data from CoinGecko.

Trump’s announcement of plans to create a national Bitcoin reserve if elected aligned with market expectations leading up to the event. The former president’s comments sparked a flurry of trading activity, with nearly $24 million in long positions liquidated during the speech alone.

Liquidation data

Data from Coinglass indicates that BTC experienced the highest liquidation value at $5.03 million, followed by SOL with $2.44 million, and ETH with $1.46 million within the selected timeframe. This indicates a significant volume of forced selling in these cryptocurrencies, with BTC being the most affected.

On the right side, the sheet details total liquidations for various periods. In the past hour, total liquidations reached $10.89 million, with $1.80 million in long positions and $9.09 million in short positions. Over four hours, liquidations amounted to $94.96 million, with long positions accounting for $71.28 million and short positions for $23.68 million.

The 12-hour liquidation total was $146.87 million, with $94.20 million in long positions and $52.67 million in short positions. For the 24-hour period, liquidations totaled $165.21 million, with long positions at $100.04 million and short positions at $65.17 million. These figures highlight that liquidations have been more…