Cryptocurrencies fell Thursday night after President Donald Trump signed an executive order creating a strategic bitcoin reserve for the United States and, separately, a "digital asset stockpile."

The price of bitcoin was last lower by 3% at $87,586.86, according to Coin Metrics. Shortly after the news broke, it fell to as low as $84,688.13.

Investors initially dumped their coins at the notion of the U.S. having no immediate planned purchases of bitcoin, per the order, against the backdrop of major weakness in equities.#TexasBTCReserveBill #BTC #ETH #bnb $BTC