Bitcoin prices moved significantly after former US President Donald Trump spoke at the Bitcoin 2024 conference in Nashville, where he revealed plans to create a "Strategic National Bitcoin Reserve" if re-elected.
The price of #bitcoin (BTC) fluctuated wildly as traders reacted to Trump's remarks. Prior to Trump's speech, bitcoin crossed the $69,000 mark. However, according to CoinGecko, the price then fell to US$66,700 before rising to US$BTC Trump's announcement of plans to create a national bitcoin reserve fund if he is elected was in line with market expectations before the event. The former president's remarks sparked active trading: about $24 million of long positions were liquidated during the speech alone.
According to Coinglass data, the most liquidated currency was #BTC at $5.03 million, followed by SOL at $2.44 million and #BTC at $1.46 million. This suggests that these cryptocurrencies were sold off rather forcefully, with BTC suffering the most.
heat map of liquidations. Source: coinglass.
The right side of the sheet shows the total liquidations for different periods. For the last hour, the total liquidation amounted to $10.89 million, with long positions totaling $1.8 million and short positions totaling $9.09 million; for the four-hour period, the total liquidation amounted to $94.96 million, with long positions totaling $71.28 million and short positions totaling $23.68 million.
For the 12-hour period, clearing totaled $BTC 87 million, of which $94.2 million were long positions and $52.67 million were short positions; for the 24-hour period, clearing totaled $165.21 million, of which $10.04 million were long positions and $BTC 17 million were short positions. The long position totaled $100.04 million, while the short position totaled $65.17 million. These numbers indicate that the liquidation of long positions was significant across all timeframes, with long traders losing more money.
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