Bitcoin Price Swings Wildly as Donald Trump Unveils Plan to Establish a 'Strategic National Bitcoin Stockpile' if Re-elected

Bitcoin (BTC) 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.

Bitcoin (BTC) prices saw dramatic volatility on April 28 as traders reacted to 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.

After rising above $69,000 ahead of the speech, the price of Bitcoin dropped to as low as $66,700 before rebounding to over $68,000, a price last seen on April 24.

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

According to data from crypto derivatives exchange FTX, BTC experienced the highest liquidation value at $5.03 million, followed by solana (SOL) with $2.44 million, and ether (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 of the sheet, the table 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 were significantly more substantial for long positions across all timeframes, indicating higher losses for long traders.

The broader cryptocurrency market also largely followed Bitcoin’s price movements throughout the event. This volatility underscores the close attention being paid by crypto markets to high-profile political figures and their policy announcements.

Trump’s proposal for a national Bitcoin stockpile marks a potential shift in the relationship between traditional government institutions and digital assets, should it come to fruition.

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