Bitcoin prices declined by more than 5% on Friday. The decline came after the White House’s Crypto Jar David Sachs indication that an order by President Donald Trump states that the largest digital property will not use taxpayers’ money to fund the strategic reserves of the property. According to the news of Livemint, by 11:29 am, the price of bitcoin fell 4.94% to $ 88,20188. In addition, the prices of other small digital tokens, including Etherium, XRP, Cardano and Solana, also saw a decline of up to 5%.
About three months ago, Bitcoin crossed the US $ 100,000 level. Bitcoin prices reached the highest level after Donald Trump was elected President of America. Bitcoin was seen to be strong continuously since Trump won the election on November 5.
Initiative to set up strategic bitcoin reserve
According to the news, Donald Trump signed an executive order to set up a strategic bitcoin reserve a day before the meeting with the Cryptocurrency Industry officials at the White House. In one of its posts on the social media platform X, Zar David Sachs wrote- The reserve will be capitalized with a bitcoin owned by the federal government, which was seized as part of criminal or civil property seizure proceedings.
An announcement of five digital assets
The US President announced five digital assets, which he expects to include in the strategic bitcoin reserve, which has increased the market value of each. The President said that these five properties are bitcoin, ether, XRP, Solan and Cardano. According to a report by Bloomberg, the US currently has a bitcoin worth about $ 16.4 billion and seven other tokens worth about $ 400 million. These are mainly due to the seizure of property related to civil and criminal cases.
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