The crypto market continues to bleed as traders reassess the impact of trade tensions on global economic activity and President Donald Trump’s Bitcoin Reserve order.
Bitcoin has dipped 4.8% to $81,729 while Ethereum is down 8%, hovering just above November 2023 prices near $2,000. Dogecoin leads losses among the top 10 cryptos, down about 13% to $0.16.
That’s despite Trump signing an Executive Order on Thursday, officially establishing the Strategic Bitcoin Reserve and authorizing the creation of a digital asset stockpile.
“The knee-jerk reaction lower likely stems from the realization that no actual budget has been allocated for Bitcoin purchases in the near term,” Singapore-based digital asset trading firm QCP Capital wrote in a recent note.
Indeed, the order directs the Secretaries of Treasury and Commerce to develop “budget-neutral strategies” for acquiring additional Bitcoin but stops short of utilizing taxpayer funds to conduct spot purchases.
That appears to have rubbed investors the wrong way, according to David Lawant, head of research at FalconX.
“Bitcoin tumbled about 5% immediately following the announcement before partially rec…
