Bitcoin breaks above $67,000 ahead of Trump's upcoming keynote speech
Quick Take
- Trump will deliver a keynote speech on Saturday at a Bitcoin Conference in Nashville — marking the first time a U.S. presidential candidate has appeared at such an event.
- Bitcoin short liquidations have spiked above $34 million in the past 24 hours after the digital asset’s price rallied over 5% in the same period.
Bitcoin short liquidations have spiked to more than $34 million in the past 24 hours after the largest digital asset by market capitalization rallied above the $67,000 mark.
The rally comes ahead of Donald Trump's speech at this year's Bitcoin Conference in Nashville, Tennessee. The former U.S. president is scheduled to appear on the Nakamoto Stage at 2 p.m. CT on July 27 for a 30-minute session, according to the conference's website.
The rise in bitcoin’s price over the past day saw $54 million in liquidated bitcoin positions. As volatility spiked, the wider cryptocurrency market was hit by over $200 million in liquidations in the same period, according to Coinglass data.
Bitcoin is changing hands for around $67,330 at the time of writing, having increased over 5% in the past 24 hours, according to The Block’s Bitcoin Price Page.
Trump at Bitcoin 2024
Trump's keynote address at Bitcoin 2024 will make him the first U.S. presidential candidate to attend such an industry event. While the specifics of his speech remain unknown, the organizers claim that it will be "historic."
Trump's stance on bitcoin and cryptocurrencies has significantly evolved over the years. In July 2019, he expressed his disapproval on Twitter, stating, "I am not a fan of bitcoin and other cryptocurrencies, which are not money and whose value is highly volatile and based on thin air." He reiterated this sentiment in a 2021 Fox Business interview, describing the digital asset as a scam and voicing concerns that it could compete with the U.S. dollar.
However, in recent months, Trump has rebranded himself as the "crypto president." Additionally, his selection of Ohio Senator JD Vance, a bitcoin investor, as his vice presidential candidate reinforces the belief that a Donald Trump presidency could be pro-crypto.
Bitcoin dominance edged up slightly over the past day to 52.8%, with ether dominance falling slightly to 15.5%, according to Coingecko data. The GM 30 Index, representing a selection of the top 30 cryptocurrencies, increased 3.08% to 133.99 in the same period.
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