03/10 Update below. This message was initially published on March 09
Bitcoin and crypto prices – including Ethereum, Ripple XRP, Solana soil and Cardano ADA – have a flat line during the last week after Donald Trump revealed the cryptocurrencies on which the United States bet, triggering the market cart.
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The price of Bitcoin fell to $ 85,000 per Bitcoin, exactly where it was in early March (despite China by quietly starting the price of Bitcoin for a major earthquake).
Now, while Elon Musk makes a surprise warning on the price of cryptography, the Czar of the cryptography of Donald Trump said that the US treasure would try to “maximize the value” of Bitcoin and other cryptocurrencies held by the United States in its reserve and its cryptographic stocks.
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President Donald Trump said he was planning to make the United States the “superpower” of Bitcoin to the world as the … (+)
“We are going to move the (cryptocurrency belonging to the American government) to the digital stock,” said David Sacks, an investor and technology entrepreneur who joined the Trump administration as an artificial intelligence and Crypto Czar, said on the Podcast All in Podcast, before taking the job.
“The goal of the stock is responsible management, it is a place of guard, it is a centralized account under the direction of the secretary of the Treasury and the secretary of the Treasury will determine how to maximize the value of these assets.”
03/10 Update: The price of bitcoin fell to $ 80,000 per bitcoin during the night before bounced slightly, but new fears have emerged that bitcoin could go around $ 70,000 – in what extent “will be violent”, ” according to to the founder of Bitmex and investor of Crypto Arthur Hayes.
“With a bitcoin that plunges below $ 80,000, around 70% of all sales came from investors who bought in the last three months, highlighting the domination of recent panic sales in the decline,” said Markus Thielen, the general manager of the consulting company on the 10x Research market, in a note sent by email.
The rest of the Top Ten Top Top followed Bitcoin below, Ethereum reaching $ 2,000 for the first time since the end of 2023. Ethereum rival Solana and the memes Dogecoin lead the lower market, each down about 6%.
“In the short term, are waiting for Bitcoin to drop as low as $ 72,000 and Ethereum reaching $ 1,600 while the administration seeks to control inflation,” said Zach Burks, managing director of the non-bubble token service provider (NFT), in the comments sent by email.
“Many investors are withdrawn from Bitcoin, considering it as a risky asset class for the first time since Trump took the White House. It no longer plays its role of reserve of value – the Gold prices have increased, because many return to the original “doomsday asset”, which is not a surprise because the prices and grenades continue to be thrown into the free world. »»
This week, after Trump’s surprise announcement that the XRP, Solana and Cardano de Ripple would form the basis of an American crypto reserve, the White House mixed its plans to create a strategic reserve only Bitcoin alongside a stock of crypto composed of smaller cryptocurrencies, in particular Ethereum, Ripple’s XRP, Cardano and Solana.
“The crypto stock should be subject to good portfolio management and fortunately we have a secretary of the treasury who is an old extremely successful coverage
Fund manager so that he will find the best way to manage these assets and
We give it the flexibility to manage the portfolio, “said Sacks.
Speaking at the top of the crypto in the White House to be very well publicized this week, alongside the bags and secretary of the Treasury, Scott Bessent, Trump confirmed his commitment to Bitcoin-by placing it in a unique position above other cryptocurrencies in a reserve described as a “strong digital Knox” in a reference to the gold reserve in the United States.
“I promised to make America the bitcoin superpower of the world and the cryptographic capital of the planet,” said Trump, it was reported by the New York Times. “We take historical measures to keep this promise.”
In July, Republican candidate Donald Trump promised to create a “strategic bitcoin national reserve” and predicted that Bitcoin could eclipse the market capitalization nearly 20 billions of dollars during an appearance during the Bitcoin 2024 conference.
During the Summit of the White House on Friday, Trump also called her “stupid” government for having already sold a large part of his bitcoin seized, while the bags, speaking on the podcast, said that the United States could have lost up to 16 billion dollars by selling its bitcoin.
“At one point, we had around 400,000 bitcoin on the federal assessment. We sold about half of this for something like 360 million dollars in total,” Sacks said during the Podcast. “If we had held all of this, just that we sold more than $ 17 billion.”
Before the summit, Trump signed an executive decree calling for the creation of the Bitcoin reserve and the stock of crypto using existing government assets, disappointing traders with a lack of commitment to new bitcoin and crypto methods, but not leaving the door open to the acquisition of Bitcoin, although “neutral budget” which “does not impose the growing costs in the United States”.
The bags added during a press conference that the Treasury and Trade Department, led by Bitcoin Price Bull Howard Lutnick, is “authorized to buy more if it does not add to the deficit or debt”.
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The Bitcoin Prize fell from the summit he reached after the electoral victory of Donald Trump, … (+)
“The lower strategic Bitcoin reserve reserve has triggered uncertainty in the cryptography market,” said Agne Linen, responsible for the growth of the Wefi cryptographic platform, in the comments sent by e-mail.
“With the agencies of the Executive Order to consolidate the Bitcoin seized to form the reserve, cryptographic investors see the movement as a trick, because no new purchase of bitcoin has been announced. Despite the instinctive reaction of investors, the fact is that the mandate of the Bitcoin reserve authorizes the acquisition of Bitcoin by means which will not cost taxpayers’ money. The options available in this regard include Bitcoin obligations and sales of its gold reserve to finance more purchases. In the long term, the Bitcoin reserve change could benefit the medal. This thesis depends on a possible breed that he has triggered who can see other sovereign nations making similar movements. »»
Some have hypothesized that China weighs the creation of its own Bitcoin reserve to compete with the United States after the Abu Dhabi sovereign fund has revealed last month that it bet on Bitcoin, launching a “race” of global adoption.
“The American Bitcoin reserve increases the probability that other nations will adopt similar reserves and accelerate their consideration of such initiatives,” said Tagus Capital analysts in a note sent by e-mail.
“With the United States which plans to adopt Bitcoin reserves, this is likely to lead a broader global adoption, with more nations integrating bitcoin into their reserves – potentially from gold to digital assets, as well as the way some savings have adopted the US dollar next to or instead of their own currencies.”
