Bitcoin’s price tumbled after US President Donald Trump made a pledge not to sell any of the government\u2019s current Bitcoin holdings but made no firm commitment to buy more. <\/p>\n
<\/span> 11460 <\/span> Total views <\/span><\/p>\n 7 <\/span> Total shares <\/span><\/p>\n<\/div>\n Bitcoin plunged approximately 6% after US President Donald Trump signed an executive order to establish a Strategic Bitcoin Reserve.<\/p>\n Market participants had hoped the government would announce a plan to buy more Bitcoin (BTC<\/a>), but Trump\u2019s crypto tsar David Sacks said <\/a>on X it would only use the Bitcoin it already holds from criminal cases \u2014 though it will look to develop \u201cbudget-neutral\u201d strategies to acquire additional Bitcoin. <\/p>\n Bitcoin dropped about 6%, falling from $90,400 to $84,979, according to CoinMarketCap data<\/a>.<\/p>\n Bitcoin has slightly recovered since, trading at $86,460 at the time of publication. Source: <\/em>CoinMarketCap<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n Trading resource account The Kobeissi Letter said<\/a> the reason for the Bitcoin price drop was there was \u201cno explanation on how the reserve will be funded aside from Bitcoin already held by the US.\u201d<\/p>\n Ether (ETH<\/a>), XRP (XRP<\/a>), Solana (SOL<\/a>) and Cardano (ADA<\/a>) also fell on the news after Sacks confirmed that there will be a \u201cUS Digital Asset Stockpile,\u201d but also only consist of digital assets forfeited in criminal or civil proceedings. <\/p>\n \u201cThe government will not acquire additional assets for the Stockpile beyond those obtained through forfeiture proceedings,\u201d Sacks said.<\/p>\n In the first hour after Sacks\u2019 announcement, Ether had dropped 4%, XRP fell 7%, Solana had fallen 5.14%, and Cardano had slid 9.19%.<\/p>\n While it may not be the most optimistic announcement for the industry, some were surprised that Bitcoin\u2019s price plunged after the announcement.<\/p>\n Electric Capital CEO Avichal said<\/a> in an X post shortly after, \u201cWho the hell sells the news of a US Strategic Bitcoin Reserve?!\u201d<\/p>\n Source: <\/em>Walker<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n Echoing a similar sentiment, pseudonymous crypto trader Ash Crypto said in an X post<\/a>, \u201cTHIS IS NOT BUY THE RUMOR SELL THE NEWS EVENT, EVERY COUNTRY WILL FOLLOW SOON AND BITCOIN IS GOING TO $250,000+\u201d<\/p>\n Satoshi Action Fund CEO Dennis Porter added<\/a>, \u201cThis market is way off. The \u2018Strategic Bitcoin Reserve\u2019 will have \u201cadditional bitcoin\u201d acquisitions.\u201d <\/p>\n Other participants agree that it is a positive step that will only bolster greater adoption of Bitcoin.<\/p>\n Source: <\/em>Matt Hougan<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n<\/picture><\/div>\n
Bitcoins Bitcoin price slides after announcement<\/h2>\n
Bitcoins Industry participants see the positives<\/h2>\n