“The cryptocurrency market is falling, despite the Bitcoin reserve created in the USATrump’s decree on the creation of a strategic Bitcoin reserve from confiscated assets disappointed investors. BTC fell to $84,717,
while major altcoins lost between 3.4% and 7.8% of their value.”, — write: unn.ua
Reports UNN citing Financial Times.
One of Trump’s campaign promises that generated the most enthusiasm among digital asset investors – the creation of a strategic cryptocurrency reserve in the USA – was met with a widespread decline in Bitcoin and, to a greater extent, altcoins.
President Donald Trump’s decree on the creation of a strategic Bitcoin reserve in the USA has caused disappointment among investors – the decree states that the reserve will only hold assets confiscated by US law enforcement agencies. Prior to this, traders hoped that the US government would start buying Bitcoin and other cryptocurrencies.
The government stated that it “will not purchase additional assets” for this reserve, other than those obtained as a result of investigations, and may implement “potential sales” from it.
In light of these explanations:
- Ethereum, which is the second largest among cryptocurrencies – fell by 4.5 percent to $2,194;
- Ada, the token for the Cardano blockchain, fell by 7.8% to $0.87;
- Solana – by 5.6% to $143;
- XRP – by 3.4% to $2.52.
Bitcoin, which showed signs of recovery at the beginning of the week, reversed its gains and fell by more than 4%, trading at $87,071. CoinMarketCap data indicates a 24-hour low of $84,979, raising concerns about the market’s reaction to regulatory changes.
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Market Experts’ Comments
The USA will not sell Bitcoins held in the reserve. They will be kept as a value. The reserve is like a digital Fort Knox for cryptocurrency, often referred to as “digital gold”
Sacks estimated that the USA has approximately 200,000 Bitcoins worth about $17.8 billion.
So far, there are no indications of how much, if any, will be purchased, as well as timelines
Cryptocurrency volatility is observed at a time when the White House is hosting investors and executives from major American companies, including Brian Armstrong from Coinbase and Michael Saylor from Strategy, at a summit on Friday, emphasizing its recognition of this industry.
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