Before former President Donald Trump’s appearance at the Bitcoin 2024 conference in Nashville, the price of bitcoin (BTC) climbed to an intraday peak of $67,991 per unit. This increase led to the liquidation of approximately $55.21 million in bitcoin short positions, out of a total of $79.10 million in short bets across the crypto economy that were cleared during the day.

The Trump Trade—Bitcoin Nears $68,000, Faces Selling Pressure

The crypto market has climbed approximately 5.5% over the past day, reaching a valuation of $2.41 trillion. Bitcoin (BTC) gained around 5%, while ethereum (ETH) increased by 3% on Friday morning EDT. Bitcoin rose from Thursday’s low of $63,424 per coin to an intraday high of $67,991 per unit on July 26. However, surpassing the $68,000 mark proved too difficult for BTC bulls.

At 10:55 a.m. EDT on Friday, BTC is holding above the $67,000 level, but still experiencing selling pressure. The climb to nearly $68K resulted in the liquidation of many short positions betting against BTC’s price. About $55.21 million in BTC shorts were liquidated out of the $158.39 million in positions cleared during the day. Approximately $79.29 million were long positions, and the remaining $79.10 million were short positions.

Derivatives markets saw 47,299 traders wiped out, with the largest liquidation stemming from an ETH/BTC trade on Binance worth $5.19 million. On Saturday, July 27, former U.S. President Donald Trump is scheduled to speak at the Bitcoin 2024 conference in Nashville. Many view Trump’s favorable stance toward crypto as a bullish signal for BTC, and analysts from financial giant Standard Chartered suggest BTC could reach $150,000 per coin if Trump is elected.

What do you think about bitcoin’s price spike on Friday? Share your thoughts and opinions about this subject in the comments section below.

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