Bitcoin in distress Call, falls to $80K Mark
Bitcoin experienced significant selling pressure as it approached the $80K mark on Sunday.
BTC price extended its retreat into Sunday night oscillating near $80K. The asset reflects a 6.4 percent single-day slide and a 14.2 percent weekly contraction, with digital asset markets navigating twin headwinds: opaque details regarding former President Donald Trump’s potential trade tariffs amplified Bitcoin’s selling pressure
U.S President Trump caused turmoil in the crypto market by tweeting about a proposed crypto reserve that consists of Solana, Ripple, Cardano, Ethereum, and Bitcoin.
He asserted that this crypto reserve would elevate the industry, which has faced years of alleged corruption from the Biden Administration. Trump’s executive order on digital assets instructed the Presidential Working Group to progress with a Crypto Strategic Reserve, and he promised to make the U.S. the global leader in crypto.
He exclaimed, “We are MAKING AMERICA GREAT AGAIN!” Later in the week, there was a lack of clarity, but the White House clarified that he was merely naming the five largest-volume cryptos and that a plan was under development. This was followed by a series of announcements, culminating in a long-anticipated plan to hold cryptos seized by the government instead of selling them.
Trump signed the executive order, and since then, there has been a ‘sell-the-fact’ trade, with bitcoin falling approximately $3000 and reaching new lows. The order left open the possibility of the government purchasing Bitcoin in the future, but it may be challenging due to the need for funding from Congress
A factsheet on the White House website stated that the Commerce and Treasury secretaries are authorized to devise budget-neutral strategies for acquiring additional bitcoin, as long as these strategies do not impose additional costs on American taxpayers.
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