bitcoin-usd/”>BITCOIN GOES DOWN THE DRAIN (Literally!)
Well, shucks, folks! It looks like the crypto market has gone plumb crazy! White House crypto czar David Sacks came out yesterday, March 6th, and announced that President Trump had signed an Executive Order to establish a Strategic Bitcoin Reserve. I reckon that’s a mighty fine idea, but the market didn’t quite agree.
Seems like the feds are gonna use some Bitcoin they already own, which was confiscated from some unsavory characters, to start this new reserve. And let me tell you, they’ve got a whole lotta Bitcoin – around 200,000 BTC, to be exact. Now, I ain’t no expert, but I reckon that’s a pretty penny!
“The US will not sell any Bitcoin deposited into the Reserve. It will be kept as a store of value. The Reserve is like a digital Fort Knox for the cryptocurrency, often called ‘digital gold’.”
Now, I know what you’re thinkin’, “Mark, what about all the other cryptocurrencies out there?” Well, it seems like the feds are only interested in Bitcoin, and they’re not gonna be buyin’ any more of it. And as for all them other cryptocurrencies, like Ethereum, XRP, and Solana? Well, it looks like they’re gettin’ the old boot!
“The government will not acquire additional assets for the stockpile” beyond those obtained through forfeiture proceedings, he said.
Now, I know some folks in the industry were a mite skeptical of Trump’s plan, what with him mentionin’ some of them “shitcoins” and all. But hey, it looks like the feds are stickin’ to their guns, even if the market is tankin’!
The Market Takes a Tumble
It seems like the crypto market is gettin’ a mite upset about all this, and it’s tanked by more than $200 billion, or 5%, since the announcement. Bitcoin took a bit of a hit, droppin’ from around $90,000 to $85,000 before recoverin’ to around $87,000. Ethereum fell a similar 5% to $2,150, while XRP, SOL, and ADA were hit particularly hard, fallin’ 8%, 7%, and 10% respectively.
Well, I reckon that’s all for now, folks! It looks like the crypto market is gettin’ a mite wild, and I’m just here for the ride!
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2025-03-07 07:40