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

Hanzin

Bitcoin {{BTC}} price volatility increased following former US President Donald Trump’s speech at Bitcoin 2024 in Nashville.

Trump has outlined plans to create a “strategic national Bitcoin stockpile” if elected, which was in line with market expectations ahead of the speech.

In the lead-up to Trump’s comments, the digital asset surged above $69,000 on Saturday. As investors digested the speech, the price fell to $66,700 before climbing back above $68,000, according to data from CoinGecko. The broader market index CoinDesk20 followed the same pattern.

Around $24 million worth of long positions 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 Would Be Disastrous for Crypto: ‘You’re All Gone’

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