Bitcoin Drops After Trump's Announcement
Bitcoin collapsed to $84,713, wiping out gains from a recent peak of $90,000 as traders reacted sharply to former President Donald Trump's executive order regarding Bitcoin reserves. The market capitalization dropped by 4.55% with all top ten cryptocurrencies declining, including Ethereum, Solana, and XRP. The uncertainty surrounding this move led to profit-taking, especially after Bitcoin surged above $90,000 today. In recent hours, $101 million in long Bitcoin positions were liquidated, contributing to the disappearance of $245 million from cryptocurrency markets within 24 hours. Analysts warn of the potential for more volatility as the White House cryptocurrency summit approaches.
Bitcoin collapsed to $84,713, wiping out gains from a recent peak of $90,000 as traders reacted sharply to former President Donald Trump's executive order regarding Bitcoin reserves. The market capitalization dropped by 4.55% with all top ten cryptocurrencies declining, including Ethereum, Solana, and XRP. The uncertainty surrounding this move led to profit-taking, especially after Bitcoin surged above $90,000 today. In recent hours, $101 million in long Bitcoin positions were liquidated, contributing to the disappearance of $245 million from cryptocurrency markets within 24 hours. Analysts warn of the potential for more volatility as the White House cryptocurrency summit approaches.