Bitcoin, the leading cryptocurrency, has made a significant rise in the last 24 hours, rising above $69,000 and reaching its highest level in six weeks.
Additionally, Ethereum (ETH), Solana (SOL) and XRP followed BTC with increases ranging from 3-5%, with BTC price approaching $70,000.
Former US President Donald Trump's support for Bitcoin and cryptocurrencies in his speech at the Bitcoin 2024 conference held in Nashville on Saturday was effective in this rise.
At this point, at the Bitcoin Conference, Republican presidential candidate Donald Trump promised that if elected in November, he would create a “strategic Bitcoin reserve of the United States” and prevent it from selling its existing assets.
Trump also argued that he would dismiss current SEC Chairman Gary Gensler.
This rise caused many short positions to be liquidated. According to Coinglass data, $82.8 million in leveraged transactions were liquidated in the last 24 hours. Of these, $65.4 million consisted of short positions and $17.4 million consisted of long positions.
The largest single liquidation order was on the BTC/USD trading pair on OKX, as 28,608 investors liquidated in the last 24 hours. The transaction was valued at $2.42 million.
Justin d'Anethan, manager of Kipto market maker Keyrock, stated that the positive statements made by the policy were effective in the rise in the market and said:
“The current positive sentiment regarding crypto from many politicians and economic stakeholders is strengthening investor sentiment.
The Bitcoin conference in Nashville has been the site of respected speakers speaking about the importance of crypto and the potential for greater allocation to BTC. “At this point, of course, many investors want to believe these words and be at the forefront.”
Presto's head of research, Peter Chung, also stated that Trump's speech at the Bitcoin Conference was effective in the rise at the beginning of the week, and said that it has become “more important than ever” to follow how the US elections will progress from now until November.
“Those who sold on the fact that they sold the news after the Trump speech were liquidated after the Trump speech. Although the BTC price dropped before the Trump speech, it rose again afterwards.
As a result, short-term speculative positions are now being transferred to long-term investors who understand the importance of the changes taking place in US politics regarding Bitcoin.”
*This is not investment advice.