XRP, DOGE, ADA Drop 9% Following Trump’s Crypto Reserve Announcement
Major tokens like XRP, DOGE, and ADA fell by up to 9% following President Trump's announcement about the establishment of a Bitcoin Strategic Reserve. Key points include:
- Trump's directive involves holding seized bitcoin and creating a crypto stockpile of other assets.
- This announcement reversed recent bullish momentum for various cryptocurrencies.
- DOGE initially spiked 12% earlier in the week due to Bitwise’s ETF filing hopes.
- Bitcoin dropped 4.5%, falling from over $93,000 to under $88,000.
- The CoinDesk 20 index declined by 5%, while smaller altcoins decreased by up to 10%.
- Over $400 million in liquidations occurred on bullish bets in crypto futures, primarily from BTC products.
- Traders are looking towards the upcoming White House Crypto Summit on March 7 but remain cautious about its outcomes.
- Expectations have been lowered since the reserve announcement did not meet initial hopes.
Market sentiment remains risk-averse as traders await potential announcements from Trump and blockchain leaders at the summit.