Bitcoin Drops Below $90K After Volatile Sunday Trading
President Trump's announcement about establishing a U.S. crypto reserve triggered a significant short squeeze, but early trading on Monday shows a reversal in gains.
- Bitcoin (BTC) dropped approximately 5% to $89,500, down from a peak of $95,000 but still higher than $85,000 before the announcement.
- Other cryptocurrencies mentioned by Trump, including ether, solana, XRP, and cardano, also saw gains but have lost some value.
- Arthur Hayes criticized the announcement as lacking substance without congressional approval for funding.
- Quinn Thompson expressed skepticism, labeling the legitimization of certain cryptocurrencies as detrimental to the industry.
- Crypto-related stocks such as Coinbase, MicroStrategy, Semler Scientific, and Hut 8 are also experiencing declines after initial gains.