Bitcoin Rally Leads to Short Liquidations

Bitcoin (BTC) has seen a +4.07% increase as liquidations surpass $34 million in 24 hours after reaching above $67,000.

This surge follows the anticipation of Donald Trump speaking at the Bitcoin Conference in Nashville, Tennessee, on July 27, where he will have a 30-minute session on the Nakamoto Stage.

With Bitcoin’s price rising, around $54 million in positions were liquidated, and the overall market experienced over $200 million in liquidations during the same timeframe, per Coinglass data.

Currently, Bitcoin trades at approximately $67,330, marking a 5% rise over the last 24 hours, according to The Block’s Bitcoin Price Page.

Trump at Bitcoin 2024

This year’s Bitcoin Conference will feature Trump as the first U.S. presidential candidate to address such an event, with claims that his appearance will be “historic.”

Trump’s views on Bitcoin have undergone significant changes. In 2019, he criticized Bitcoin on Twitter, calling it highly volatile and without intrinsic value. He reiterated this in a 2021 interview, labeling the digital currency a scam due to its potential competition with the U.S. dollar.

However, recently, Trump has taken a pro-crypto stance, dubbing himself the “crypto president.” His selection of Ohio Senator JD Vance, a known bitcoin advocate, as a vice presidential candidate may suggest a future administration favorable to cryptocurrencies.

Bitcoin’s market dominance has slightly increased to 52.8%, while Ethereum’s has decreased to 15.5%. The GM 30 Index, representing major cryptocurrencies, rose by 3.08% to reach 133.99 in the same period.