Bitcoin erases all of its gain that followed Trump's crypto reserve announcement
Bitcoin failed to recover the $85,000 level, where it traded before President Donald Trump's announcement of a U.S. crypto reserve sent it soaring.
The price of bitcoin failed to recover the $85,000 level – where it traded before President Donald Trump's announcement of a U.S. crypto reserve sent it soaring – after a sell-off driven by tariff concerns knocked it down.
Bitcoin was last lower by 2% on Tuesday at $83,508.78, according to Coin Metrics, and off its all-time high by 23%.
Ripple-related XRP and Cardano's ADA, two of the smaller cap coins mentioned in Trump's surprise announcement, were still holding onto some of their gains from the rally. Solana's SOL token also fully reversed its gain.
Bitcoin before and after Trump's crypto reserve announcement
Shares of Coinbase, Robinhood and Strategy, formerly known as MicroStrategy, were all lower in premarket trading.
Risk assets including cryptocurrencies suffered steep declines on Monday as traders grappled with concerns that proposed tariffs were on track to take effect. That overshadowed the exuberance around Trump's so named U.S. "strategic crypto reserve," which some traders had hoped would pull bitcoin out of a slump. After reaching its record in January, it posted its worst month since 2022 in February.