Bitcoin prices drop nearly 4% since Donald Trump’s Crypto Strategic Reserve move

Bitcoin prices dropped nearly 4 per cent to $89,251.51 level at 8:30 p.m. (IST) on Monday, March 3, compared to its $92,807 levels on Sunday, March 2, according to data collected from Coinmarketcap.

Bitcoin was trading at $90,573.10 at 11:07 p.m. (IST) on Monday, March 3. The benchmark cryptocurrency jumped over the $95,000 level on Sunday after United States President Donald Trump announced his plans to create a Crypto Strategic Reserve. 

Bitcoin's market capitalisation dropped nearly 4.6 per cent to $1.79 trillion on Monday's crypto market session.

Not just Bitcoin, the overall crypto market followed Bitcoin's cue as cryptocurrency investors spotted Trump's move as positive, which aligns with the Trump administration's views of boosting the nation's crypto industry.

“U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA,” said Donald Trump in his post on Truth Social. 

Crypto coins performance

US President Donald Trump also mentioned other crypto coins like Ethereum, XRP, Solana, and Cardano in his post. The coins jumped after the announcement but are currently trading lower than their levels 24 hours ago.

The second major digital currency, Ethereum, lost 9.16 per cent and was trading at $2,261.83 on Monday. 

XRP token (XRP) token dropped 9.47 per cent to $2.59, with the market cap of the digital asset at $150.43 billion, according to Coinmarketcap data.

Cardano token (ADA) lost nearly 7 per cent and was trading at $0.9536 with a market cap of $33.57 billion, as per the data. Solana token (SOL) was trading nearly 8 per cent lower than its level in the previous trading day at $155.55.

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