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

Markets

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.

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Markets

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Bitcoin tumbles from near $100K highs, shedding over $6K in hours. Altcoins follow, with SOL, DOGE, and ADA plunging up to 13%. Market cap drops below $3.34T as the correction deepens.

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

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