As the worldwide crypto group held its breath for optimistic alerts from the White Home summit, an government order on the night of March 6 (Washington time) triggered Bitcoin’s market worth to drop by 3.5% in simply 24 hours.
The Trump administration dramatically introduced that it might safe 198,109 Bitcoins — value roughly $17.8 billion at present costs — in a strategic reserve dubbed “Digital Fort Knox.” This identify, immediately referencing America’s final gold reserve vault, implies Bitcoin’s potential function as “digital gold” underpinning the credibility of the greenback. Nevertheless, the market’s stark response — voting with its ft — presents a obtrusive distinction:
Locking up $17.8 billion in Bitcoin led to a market capitalization drop exceeding $6 billion.
The market has been sluggish, susceptible, and determined for excellent news. But, when excellent news lastly arrived, it was deemed inadequate, inflicting costs to fall moderately than rise. No matter how controversial Trump’s stance on Ukraine is perhaps, regarding Bitcoin, it’s evident that Trump was let down this time.
Market disappointment primarily stems from dashed expectations of large-scale authorities Bitcoin purchases. Many buyers, particularly new individuals within the crypto market, is perhaps…