Bitcoin Price Drops As President Trump Creates Strategic Crypto Reserve
President Trump just signed an executive order creating a strategic Bitcoin and crypto reserve, triggering a “sell the news” event and an abrupt $5,000 drop in the price of BTC.
BTC fell from $90,251 to $85,091 in less than an hour after Trump signed the order, which establishes a national Bitcoin and crypto stockpile by holding digital assets seized from criminal activities rather than auctioning them off as had been previous practice.
BTC has since recovered to $87,202 at time of publishing.
The move had been widely anticipated and confirmed the executive action will not actively push the US to purchase crypto assets.
White House artificial intelligence and crypto czar David Sacks released a statement on the…
