Following the White House crypto summit and a lackluster plan, the market faces significant Bitcoin sell-off.
Current State of the Crypto Market
At the time of writing, Bitcoin price has fallen below $80k, reaching $78,650, which is 5.4% down over the past 24 hours. This marks the second instance this month, returning to pre-election 2024 levels.
Details of Trump's Executive Order
President Donald Trump signed an executive order to create a strategic Bitcoin reserve and stablecoin legislation. The order bans the sale of Bitcoin held by the federal government and mandates a comprehensive audit of all digital assets held.
Reaction from Investors and Analysts
Trump's reserve plan spurred discussions and controversies among experts, with some accusing the administration of opacity, while others express disappointment over the lack of a plan to purchase additional crypto assets.
Trump's crypto reserve plan has instigated market volatility, resulting in falling Bitcoin prices. Investors await further action.
