Bitcoin has plunged approximately 6% after US President Donald Trump signed an executive order to establish a Strategic Bitcoin Reserve. Market participants had hoped the government would announce a plan to buy more Bitcoin (BTC), but Trump’s crypto tsar David Sacks said on X it would only use the Bitcoin it already holds from criminal cases — though it will look to develop “budget-neutral” strategies to acquire additional Bitcoin. Bitcoin dropped about 6%, falling from $90,400 to $84,979, according to CoinMarketCap data.
Ether (ETH), XRP (XRP), Solana (SOL), and Cardano (ADA) also fell on the news, after Sacks confirmed that there will be a “U.S. Digital Asset Stockpile,” but it will only consist of digital assets forfeited in criminal or civil proceedings. “The government will not acquire additional assets for the Stockpile beyond those obtained through forfeiture proceedings,” Sacks said. In the past hour, Ether has dropped 4%, XRP is down 7%, Solana has fallen 5.14%, and Cardano has slid 9.19%.