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Bitcoin continued its downward trajectory on Monday, extending a recent run of losses as market participants remained unimpressed by President Donald Trump’s announcement of a strategic cryptocurrency reserve and his White House crypto summit. The world’s largest cryptocurrency fell 4.2% to $82,417.7 by 01:39 GMT, bringing it near a four-month low while still remaining above the $80,000 level.
Trump’s recent executive order approved the formation of a national Bitcoin reserve, which would also include four other major digital assets—Ether, XRP, Solana, and Cardano. However, the reserve will be built solely from crypto seized by the government, primarily through the Department of Justice, and will not involve any fresh purchases funded by taxpayer money. Although Trump instructed his trade and commerce secretaries to explore “budget-neutral” strategies to buy Bitcoin, the lack of clear mechanisms for such purchases has limited the market impact of the move. Consequently, crypto proponents were left disappointed by the reserve’s tepid approach, as it failed to deliver the aggressive government backing many had anticipated.
In addition to the muted reaction to the crypto reserve, broader market uncertainty has weighed on risk assets. Concerns over a slowing U.S. economy and heightened tariff measures—Trump recently announced additional trade tariffs on imports—have contributed to a risk-off sentiment. As a result, Bitcoin, along with major altcoins, has seen further declines.
Other cryptocurrencies also suffered: Ethereum fell 5.4% to $2,067.28, briefly breaking below $2,000 for the first time since late 2021. XRP dropped 5.9% to $2,195.4, while Solana and Cardano declined 7.9% and 8.4% respectively. Meme tokens fared no better, with Dogecoin falling 8.8% and the $TRUMP token sliding 8.2% to record lows.
Investors are now turning their attention to upcoming U.S. inflation data, which is expected to provide further insights into economic growth and the Federal Reserve’s interest rate outlook. The mildly disappointing nonfarm payrolls reading for February has only added to concerns, leaving market participants cautious as they await additional cues from the economic data scheduled for later this week.
