#BTC120kVs125kToday
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Cryptocurrencies fell on Friday even after President Donald Trump signed an executive order creating a strategic bitcoin reserve for the United States.
The reserve will include coins already owned by the government, and the order did not specify a buying schedule or strategy for bitcoin, disappointing some in the market who'd hoped for a more aggressive plan.
The price of bitcoin fell 2% to about $87,000, according to Coin Metrics. Shortly after the news of the bitcoin reserve broke Thursday night, it dropped about 5%.
Ether, XRP, Solana's SOL and Cardano's ADA, were also trading off their lows. Trump had previously named these tokens in a social media post teasing details of the "crypto reserve" on Sunday, but they were not specifically named in Thursday's executive order.
"Although the price has partially recovered, the lack of new demand and uncertainty about future government actions are preventing a significant rally, with prices likely to stabilize in the near to medium term unless a new catalyst emerges," said Rachel Lin, CEO co-founder of decentralized exchange SynFutures.
