Bitcoin, Ethereum, and other major cryptocurrencies surged in value Sunday as President Donald Trump signaled plans for which assets could be included in a proposed U.S. crypto reserve. But Bitcoin has already shed thousands of dollars worth of gains on Monday, with other assets starting to fade as well.
Following a nearly $4,000 rapid drop that took the price back below $90,000 on Monday, Bitcoin is currently priced at $90,529 as of this writing. It's still showing a nearly 4% rise over the past day, but is down after nearly touching $95,000 on Sunday.
That said, Bitcoin has recovered substantial ground since dipping below the $79,000 mark on Friday.
Trump Says Crypto Reserve Will Hold XRP, Solana, Cardano—And 'Obviously' Bitcoin and Ethereum
President Trump said Sunday that the U.S. will create a "crypto reserve" that will include digital assets XRP, Solana, and Cardano. His initial post to Truth Social excluded Bitcoin from the list, which confused observers who wondered why the largest crypto asset by market cap wouldn't be included in such a reserve. Trump, appearing to respond to the confusion, followed up with a second post to Truth Social to set the record straight: "And, obviously, BTC and ETH, as other valuable cryptocurrenc...
Ethereum is back just below $2,300 after rising above $2,500 on Sunday, while XRP, Solana, and Cardano—the three other assets that Trump said would comprise a planned U.S. reserve—have likewise given up some of their towering gains from Sunday.
The S&P 500 and Nasdaq are both down slightly Monday amid fears over the impact of Trump's trade tariffs, plus ongoing inflation concerns. Gold, meanwhile, is up 1.66% on the day, sitting at $2,895.
Mark Connors, chief investment strategist and founder of the Bitcoin investment advisory Risk Dimensions, told Decrypt that he believes Trump's Sunday posts were intended to "set a better tone" ahead of a planned White House crypto summit on Friday, but that the short-term pump can't erase the bigger markets forces still at play.
"Last month’s poor market sentiment remains unchanged," said Connors.
Editor's note: This story was updated after publication with additional details.
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