Bitcoin drops below $90K as Trump’s executive order falls short of market hopes
Bitcoin fell sharply on Friday despite US President Donald Trump signing an executive order to establish a strategic Bitcoin reserve and a stockpile of other digital assets.
Bitcoin and other tokens declined as the White House order clarified that taxpayer money would not be used to acquire cryptocurrencies. Instead, the reserve will be funded exclusively with Bitcoin confiscated in criminal and civil forfeiture cases. «The reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings,» the White House order stated.
As of 10:39 AM IST, Bitcoin was down 4.7% at $87,622 after hitting a day's low of $84,717. Ethereum dropped 6% to $2,156, while the global crypto market cap declined 4.1% to $2.88 trillion in the past 24 hours. Among altcoins, Solana fell 5%, XRP slipped 1.5%, Cardano dropped 10%, and Dogecoin lost 7%.
"BTC reacted to Trump's executive order to create a strategic Bitcoin reserve funded solely from assets seized by the government, raising concerns that the government wouldn’t be a buyer of crypto," said Edul Patel, CEO and co-founder of Mudrex.
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