Bitcoin plunges 6% as Trump’s crypto reserve falls short of hopes
Bitcoin has plunged approximately 6% after US President Donald Trump signed an executive order to establish a Strategic Bitcoin Reserve.
Market participants had hoped the government would announce a plan to buy more Bitcoin (BTC), but Trump’s crypto tsar David Sacks said on X it would only use the Bitcoin it already holds from criminal cases — though it will look to develop “budget-neutral” strategies to acquire additional Bitcoin.
Bitcoin dropped about 6%, falling from $90,400 to $84,979, according to CoinMarketCap data.
Bitcoin has slightly recovered since, trading at $86,460 at the time of publication. Source: CoinMarketCap
Ether (ETH), XRP (XRP), Solana (SOL), and Cardano (ADA) also fell on the news, after Sacks confirmed that…