Market News
Bitcoin falters as optimism wanes on Trump's crypto reserve plan - REUTERS
Summary
- Trump says bitcoin, ether will be at core of crypto reserve
- Bitcoin, ether up from Friday's close
- Further rally depends on sources for the reserve, analyst says
NEW YORK, March 3 (Reuters) - Bitcoin backpedaled on Monday after an early rise following U.S. President Donald Trump's weekend proposal for a national strategic reserve of cryptocurrencies.
Optimism on digital currency after Trump's Sunday post on Truth Social turned to caution as market participants awaited more details about this crypto initiative.
The world's largest cryptocurrency, bitcoin, rose 2.4% from Friday's levels, to $86,292 , but was down 8% from Sunday.
Trump said his January executive order on digital assets would create a stockpile of currencies, including bitcoin , ether, XRP, Solana and Cardano. The names had not previously been announced.
Bitcoin and ether will be at the heart of this reserve, he said in a post on Sunday that sent bitcoin up by a fifth from the November lows.
The token has been sliding since mid-January due to disappointment Trump had not followed through on pledges to loosen regulation.
Ether was down 4.3% from Friday's level, at $2,127.10, but sank nearly 16% from Sunday.
