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.
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.