Bitcoin fell after the executive order from U.S. President Donald Trump disappointed the markets. The drop in cryptocurrencies reflects the bearish trend of U.S. stock markets amid fears of a growing global trade war.

U.S. President Donald Trump signed an executive order on Thursday to establish a Strategic Bitcoin Reserve, according to the White House's cryptocurrency and artificial intelligence czar, David Sacks, in a post on X.

The move marks the fulfillment of a significant policy by the U.S. president, in line with his campaign promise to "make the United States the global capital of cryptocurrencies."

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Markets disappointed by Trump's order

Despite initial expectations, the announcement failed to give Bitcoin a significant boost. The price of Bitcoin initially fell from over $90,000 (€83,290) to approximately $84,600 (€78,300), before recovering to around $87,000 (€80,520) at 5 AM CET.

The order disappointed cryptocurrency enthusiasts, as Sacks stated in the post that the Reserve would be capitalized with Bitcoin owned by the federal government from criminal and civil forfeiture cases, and that taxpayer money would not be used to acquire cryptocurrencies. "The government will not acquire additional assets for the Reserve beyond those obtained through forfeiture proceedings," he stated.$BTC