In response to last Friday’s crypto summit at the White House, Bitcoin and the overall crypto market is witnessing a huge sell-off as Trump’s crypto reserve plan fails to impress investors for the long run.
At the time of writing, Bitcoin price has fallen below $80k for the second time this month while it dropped with significantly higher selling volume this time. The current price levels for Bitcoin were last seen in pre-election months 2024, from where it started to accelerate on Trump’s campaign mentions.
As per market data, Bitcoin is currently trading near $78,650 – down 5.4% in the past 24 hours.
While President Donald Trump signed the executive order to create a strategic Bitcoin reserve on Friday and vowing for stablecoin legislation, the move has left investors, traders and analysts wanting for more.
Trump’s executive order includes a bill to not sell any Bitcoin the federal government holds and conducting a thorough audit on total digital asset holding. It also includes a U.S. digital asset stockpile which will hold all other crypto assets forfeited from criminals and civil proceedings. However, the government will not buy any additional Bitcoin or digital assets, it mainly states.
While Trump is seemingly crafting friendlier policies towards Bitcoin and the whole crypto industry, the recently raised questions around his administration’s involvement in crypto has sparked controversies. Some are even directly accusing Trump’s White House crypto czar David Sacks of being heavily investing in crypto assets through his funds.
Such viral debates are also playing a vital role in fueling the heavy sell-off crypto market is currently going through.
Some analysts are also blaming investor’s over-expectations for Trump as they were expecting him to announce a multi-billion dollar fund for crypto reserve. While Trump’s “no buying, only holding” plan has increased selling pressure as most people were too optimistic on higher stacks.
Also Read: Strategy to Plan $21B STRK Sale to Buy More Bitcoin
