Leading cryptocurrencies slipped on Thursday as President Donald Trump’s executive order to create a strategic Bitcoin reserve became a “sell-the-news” event.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:15 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | -4.32% | $86,345.56 |
| Ethereum (CRYPTO: ETH) |
-4.99% | $2,124.96 |
| Dogecoin (CRYPTO: DOGE) | -5.23% | $0.1920 |
What Happened: The leading cryptocurrency dropped from $90,000 to $84,979 in 40 minutes after the news became public before recovering to $86,000 as traders bought the dip.
Ethereum, the second-largest cryptocurrency, also dipped to $2,100 following an intraday high of $2,319.40.
The fall came after Trump signed an executive order establishing a Bitcoin reserve and a digital asset stockpile of other cryptocurrencies, both funded by forfeited assets held by the U.S. government. While the government may acquire additional Bitcoin, no extra purchases for the digital stockpile will be made.
About $537 million was liquidated from the cryptocurrency market in the last 24 hours, including $111 million in the last hour alone.
Bitcoin’s Open Interest fell 2.58% in the last 24 hours, while the percentage of traders positioned short on the apex cryptocurrency increased to 51%.
Meanwhile, the Crypto Fear and Greed Index improved from “Extreme Fear” to “Fear” …
Full story available on Benzinga.com