In a historic move on Thursday, President Donald Trump signed an executive order establishing a national strategic bitcoin reserve, but the digital asset’s price didn’t budge.
Bitcoin Stalls Even as Trump Establishes Strategic Bitcoin Reserve
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Market Shows Little Reaction to Trump’s Strategic Bitcoin Reserve
President Donald Trump signed an executive order establishing the long-awaited national strategic bitcoin reserve on Thursday, but it appears traders had already priced in the move as bitcoin’s price remained largely unaffected.
Price Movement and Trading Volume
Over the last 24 hours, the cryptocurrency’s price ranged between $84,717.68 and $91,430.24. At the time of reporting, bitcoin ( BTC) is trading at $89,557.30, marking a slight decrease of 0.03% since yesterday morning but an increase of 9.69% over the past seven days. The 24-hour trading volume has risen to $58.39 billion, up 25.36%, indicating heightened market activity.
Market Capitalization and Dominance
Bitcoin’s market capitalization stands at $1.77 trillion, reflecting a marginal decrease of 0.03% since yesterday. Its market dominance has edged up slightly by 0.03% over the past 24 hours, now accounting for 61.52% of the total cryptocurrency market, suggesting a stable position relative to other digital assets.
Futures Market and Liquidations
Total bitcoin futures open interest has decreased by 1.10% to $50.10 billion in the last 24 hours, indicating a modest reduction in leveraged positions. Liquidations amounted to $257.49 million, with long positions accounting for $173.31 million and short positions for $84.18 million, suggesting that more long traders were not expecting today’s price movements.
Impact of Policy Announcements
Trump’s national strategic bitcoin reserve will be funded by assets forfeited in criminal or civil proceedings. However, the announcement did not include plans for the government to actively purchase bitcoin, which could be the reason for such a muted market reaction.
Upcoming White House Crypto Summit
Today, key figures in the cryptocurrency industry are scheduled to meet with the Trump administration at the White House Crypto Summit. Discussions are expected to focus on regulatory frameworks and the potential removal of capital gains tax on domestic crypto transactions. The outcomes of this summit could significantly influence market sentiment and bitcoin’s price trajectory.
