Bitcoin Bitcoin
+5.17%
Short-term liquidations have surged to over $34 million in the past 24 hours after the largest digital asset by market cap broke through $67,000.
The rally comes ahead of Donald Trump’s speech at this year’s Bitcoin Conference in Nashville, Tennessee. According to the conference website, the former U.S. president is scheduled to appear on stage at Nakamoto on July 27 at 2 p.m. Central Time for a 30-minute session.
Over the past day, $54 million worth of Bitcoin positions have been liquidated as the price of Bitcoin has surged. The broader cryptocurrency market has been hit by a surge in volatility, with more than $200 million in liquidations over the same period, according to Coinglass data.
According to The Block’s Bitcoin price page, at the time of writing, Bitcoin is trading at around $67,330, up more than 5% over the last 24 hours.
Trump on Bitcoin 2024
If Trump delivers a keynote address at Bitcoin 2024, he will become the first U.S. presidential candidate to attend such an industry event. While the specifics of his speech are unknown, organizers claim it will be “historic.”
Trump’s stance on Bitcoin and cryptocurrencies has changed significantly over the years. In July 2019, he expressed his opposition to Bitcoin and other cryptocurrencies on Twitter, saying, “I don’t like Bitcoin and other cryptocurrencies. They are not money, they are highly volatile and based on nothing.” He reiterated this sentiment in a 2021 Fox Business interview, describing the digital assets as fraudulent and expressing concerns that they could compete with the U.S. dollar.
But in recent months, Trump has rebranded himself as the “Crypto President.” Plus, his nomination of Ohio Senator JD Vance, a Bitcoin investor, as his vice presidential candidate reinforces the belief that a presidency like Donald Trump’s could be supportive of cryptocurrencies.
According to Coingecko data, Bitcoin dominance has increased slightly over the past day, reaching 52.8%, while Ether dominance has decreased slightly, reaching 15.5%. The GM 30 Index, which selects the top 30 cryptocurrencies, has increased by 3.08% over the same period, reaching 133.99.
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