Bitcoin has dropped 3.67% in the last 24 hours and during the news writing process, making it one of the day's biggest losing assets.
Following the Trump administration's announcement of the Strategic Bitcoin Reserve, the price initially surged but then saw a sharp decline after confirming that no new purchases would be made. Bitcoin first rose 3.7% to $91,250, then dropped 7.5% to $84,480. It is currently trading at $88,100.
These fluctuations led to $530 million in liquidations, with 152,000 investors affected. While the government's decision not to sell its Bitcoin holdings was initially seen as positive, the lack of plans for additional purchases disappointed investors.
