Trump Signs Executive Order for U.S. Strategic Bitcoin Reserve
President Donald Trump signed an executive order establishing the Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile. Despite this development, the price of BTC fell over 2% following the announcement.
The "Digital Fort Knox" initiative allows the Treasury and Commerce Secretaries to create budget-neutral strategies for acquiring bitcoin. This may involve:
- Liquidating U.S. gold reserves
- Selling seized cryptocurrencies
- Issuing bitcoin-bonds similar to convertible bonds from bitcoin companies
Upcoming macroeconomic data includes non-farm payrolls estimated to rise by 160,000 with an unemployment rate holding at 4%.
What to Watch
Crypto Events:
- March 7: White House Crypto Summit hosted by President Trump
- March 11: "Bitcoin for America" event in Washington
- March 12: Hemi's mainnet launch
- March 14: Pi Network transitions to open mainnet
- March 15: Athene Network mainnet launch
- March 16: CME Group’s solana futures begin trading
Market Overview:
As of March 7, BTC is priced at $89,310.83, down 2.42%, while ETH is at $2,197.46, down 4.39%. The broader market shows negative trends across major indices.
Funding rates indicate a bearish sentiment toward cryptocurrencies such as ADA, SOL, and SUI, with notable net selling observed in major tokens.
Token unlocks are scheduled for several assets including Movement (MOVE), Aptos (APT), and Starknet (STRK) in mid-March.
In summary, while Trump's executive order aims to bolster bitcoin reserves, immediate market reactions reflect caution among investors amid broader economic uncertainties.