Cryptocurrency prices continued to plummet on Monday as volatility persisted after an executive order signed by President Donald Trump to create a US strategic bitcoin reserve — a move long-championed by industry advocates — disappointed investors.
Contrary to expectations of a bullish rally, Bitcoin and other cryptocurrencies tanked within minutes, dragging down the broader digital asset market. The abrupt sell-off, analysts say, underscores investor disillusionment with the government’s plan to populate its reserve using seized crypto holdings rather than new purchases, dashing hopes for a surge in institutional demand.
On Monday, bitcoin was trading at $81,712, down over 5.0 per cent but off earlier lows, according to Coin Metrics. Other cryptocurrencies also dropped on Monday. Both ether and XRP were down about 7.5 per cent at around 9:43 a.m. Singapore time. The sell-off wiped billions from the crypto market’s total capitalisation, catching traders off guard….
