Bitcoin fell during the morning of Friday as details of a U.S. strategic reserve left traders disappointed ahead of a historic cryptocurrency summit at the White House.
The world's largest cryptocurrency fell to around $85,000 overnight before recovering to trade at around $88,000 early in the day, more than 3% down in the last 24 hours, according to data from CoinDesk. The digital asset had briefly surpassed $90,000 earlier this week, suggesting a possible recovery from its recent decline. But now it is back under pressure.
President Donald Trump signed an executive order to establish a strategic reserve of Bitcoin, as well as a reserve of digital assets late Thursday. That should have been optimistic for the market, but for one key detail: it seems the government will not be purchasing any bitcoin at this time.
