{"id":53159,"date":"2025-03-07T04:25:40","date_gmt":"2025-03-07T04:25:40","guid":{"rendered":"https:\/\/emilynews.com\/blog\/?p=53159"},"modified":"2025-03-07T04:25:41","modified_gmt":"2025-03-07T04:25:41","slug":"bitcoin-plunges-6-after-trumps-crypto-reserve-announcement","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=53159","title":{"rendered":"Bitcoin plunges 6% After Trump\u2019s crypto reserve announcement?"},"content":{"rendered":"

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

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, but Trump\u2019s crypto tsar David Sacks\u00a0said\u00a0on 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 price slides after announcement<\/h2>\n

Bitcoin dropped about 6%, falling from $90,400 to $84,979, according to CoinMarketCap\u00a0data.<\/p>\n

\"Cryptocurrencies,
\n

Bitcoin has slightly recovered since, trading at $86,460 at the time of publication. Source:\u00a0<\/em>CoinMarketCap<\/em><\/p>\n<\/figcaption><\/figure>\n

Trading resource account The Kobeissi Letter\u00a0said\u00a0the 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

\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

Industry participants see the positives<\/h2>\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\u00a0said\u00a0in an X post shortly after, \u201cWho the hell sells the news of a US Strategic Bitcoin Reserve?!\u201d<\/p>\n

\"Cryptocurrencies,
\n

Source:\u00a0<\/em>Walker<\/em><\/p>\n<\/figcaption><\/figure>\n

Echoing a similar sentiment, pseudonymous crypto trader Ash Crypto said in an X\u00a0post, \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\u00a0added, \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

\"Cryptocurrencies,
\n

Source:\u00a0<\/em>Matt Hougan<\/em><\/p>\n<\/figcaption><\/figure>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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. 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