The price of Bitcoin (BTC) continued to decline on Tuesday, trading at around $83,900, erasing gains made over the weekend. The cryptocurrency strategy reserve announced by U.S. President Donald Trump on Sunday was transformed into a short-term "buy the rumor, sell the news" event, leading to the liquidation of 289,815 traders in the past 24 hours, resulting in losses exceeding $978.62 million.

Moreover, economist Peter Schiff has called for a congressional investigation into President Trump's Truth Social posts, claiming in a post on X on Tuesday that these posts "helped implement the largest cryptocurrency scam in history."

Bitcoin falls below $84,000, liquidating nearly $980 million in leveraged traders within 24 hours. The price of Bitcoin dropped more than 8% on Monday, closing at $86,220, erasing most of Sunday’s gains. At the time of writing, Tuesday's trading price continued to decline, around $83,900.

This market downturn triggered a wave of liquidations, with 289,815 traders liquidated in the past 24 hours, resulting in losses exceeding $978.62 million. According to Coinglass data, the largest single liquidation order occurred on Bitfinex, valued at $13.4 million.