Bitcoin fell below $90,000 on Friday, but it fell below $90,000 even as Top Crypto figures celebrated the president’s move to establish Bitcoin Reserve and US digital asset stockpile under the real-time order.
“History will embarrass the moment Donald Trump established the US strategic Bitcoin Reserve, a turning point in the financial and geopolitical landscape of the 21st century,” said Strategy Michael Saylor.
Trump’s order confirmed that Bitcoin seized in criminal and civil lawsuits will be held in government-controlled reserves instead of being sold. Other confiscated digital assets will be stored in separate stockpiles along with decisions of potential sales left at the Treasury.
Coinbase CEO Brian Armstrong praised the move, calling it an “incredible execution from the Trump administration,” predicting that “many of the G20 will be attracting attention and will ultimately follow American leadership.”
Binance founder Changpeng Zhao (CZ) responded to the easy-going remarks by tweeting “One more Hodler, USA,” Tron’s Justin San declared, tweeting, “The US code is just beginning.”
However, after the announcement, Bitcoin fell by more than 4.5%, down from 24 hours high, exceeding $93,000. Meanwhile, major altcoins such as XRP, Cardano (ADA) and Doge coins have plummeted 10% after Trump’s plans were removed from the Bitcoin Reserve.
Some traders wanted to include assets other than Bitcoin more widely, especially after Trump suggested a “crypto-strategic reserve” where Solana (SOL), XRP and ADA could be involved. But Commerce Secretary Howard Lutnick later revealed that Bitcoin will remain its main focus.
The market slump caused a liquidation of over $550 million, mostly coming from Bitcoin tracked futures.
Despite the DIP, Crypto executives remain optimistic. Bo Hines, director of the President’s Advisory Council on Digital Assets, called it a “historical moment,” Bitcoin developer Adam Back, CEO of BlockStream, and called it a “strategic Bitcoin Overton.”