Bitcoin Drops After Trump's Announcement
Bitcoin has collapsed to $84,713, wiping out gains from a recent peak of $90,000 as traders reacted sharply to former President Donald Trump's executive order regarding Bitcoin reserves. The market cap fell by 4.55% with all top ten cryptocurrencies including Ethereum, Solana, and XRP declining. The uncertainty surrounding this move led to profit-taking, especially after Bitcoin surged above $90,000 today.
In recent hours, $101 million in long Bitcoin positions were liquidated, contributing to the disappearance of $245 million from cryptocurrency markets within 24 hours.
Analysts warn of the potential for further volatility as the White House crypto summit approaches.
