Cryptocurrencies had a down week, with total market cap off 1.8% in the past 24 hours and down roughly 13% in the past 30 days. In the past week, the market seems to have been selling off following President Trump's announcement of a strategic bitcoin reserve--including a crypto summit held at the White House on Friday. Markets appear underwhelmed with the news out of Washington, but the fall of bitcoin to a recent low of roughly $82,000 may soon turn around, says Nigel Green of the deVere Group. "The market's reaction betrays a short-sightedness that will likely be corrected as investors digest the broader implications of the move," says Green in a note.
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