Bitcoin prices fell by more than 5% on Friday. The drop came after White House crypto czar David Sacks signaled that an order from President Donald Trump would not use taxpayers’ money to fund a strategic repository of the biggest digital assets. As of 11:29 am, the price of Bitcoin fell 4.94% to $88, 201.88. Other smaller digital tokens, including Ethereum, XRP, Cardano and Solana, also fell by up to 5%.
About three months ago today Bitcoin crossed the level of US $100,000. Bitcoin’s price skyrocketed after Donald Trump was elected President of the United States. Bitcoin had been seen steadily strengthening since Trump won the election on November 5.
Initiative to set up strategic bitcoin reserve
Donald Trump signed an executive order to set up a strategic bitcoin reserve a day before a meeting with cryptocurrency industry executives at the White House. In a post on the social media platform X, Czar David Sacks wrote – the reserve will be capitalized from bitcoin owned by the federal government, which was seized as part of criminal or civil asset seizure proceedings.
Announcement of five digital assets
The U.S. president had announced five digital assets that he hopes to include in the strategic bitcoin reserve, raising the market value of each. “These five assets are Bitcoin, Ether, XRP, Solana and Cardano. According to a Bloomberg report, the US currently holds about $16.4 billion worth of Bitcoin and seven other tokens worth about $400 million. This is mainly due to the confiscation of property related to civil and criminal cases.
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