- Bitcoin was trading at around $88,000, dropping 1.50% in the last 24 hours
- Ethereum, XRP, Solana, and Cardano have also seen prices dip following news of the Digital Asset Stockpile
- TD Cowan analysts consider it a “compromise” and that the reserve is a positive move from the White House
Crypto prices remained unchanged on Friday after US President Donald Trump signed an executive order establishing a Strategic Bitcoin Reserve.
Data from CoinMarketCap shows Bitcoin is trading around the $88,000 mark, dropping over 1.50% in the last 24 hours.
Ethereum, XRP, Solana, and Cardano have also remained relatively flat following the news. Solana saw the biggest drop, 5% over 24 hours, and is currently trading at $142. Earlier this month, Trump revealed that these would be the coins included in the crypto reserve.
Notably, these coins weren’t mentioned in Trump’s executive order detailing a Strategic Bitcoin Reserve and a Digital Asset Stockpile, which he signed on March 6.
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A “compromise”
In a post on X, White House artificial intelligence (AI) and crypto czar David Sacks said:
“The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings. This means it will not cost taxpayers a dime.”
Just a few minutes ago, President Trump signed an Executive Order to establish a Strategic Bitcoin Reserve.
The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings. This means it…
— David Sacks (@davidsacks47) March 7, 2025
Sacks also indicated that the executive order authorized the Secretaries of Treasury and Commerce “to develop budget-neutral strategies for acquiring additional Bitcoin, provided that those strategies have no incremental costs on American taxpayers.”
In response, Michael Saylor, chair and CEO of Strategy, said: “I have a few budget-neutral strategies for acquiring additional Bitcoin.”
With the news of the Strategic Bitcoin Reserve not pushing prices higher, TD Cowen analysts said they considered this a positive move from the White House, adding:
“We view this as a compromise. The government is not spending taxpayer dollars to acquire new digital assets. It is simply not selling the ones that it seizes.”
The post Crypto prices fall despite Trump’s Bitcoin reserve plan appeared first on CoinJournal.
Crypto prices fall despite Trump’s Bitcoin reserve plan
Source: https://coinjournal.net/news/crypto-prices-fall-despite-trumps-bitcoin-reserve-plan/
