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Fortune

Catherine McGrath

Here’s why the price of Bitcoin dropped right after Trump created a strategic crypto reserve

Crypto Bitcoin Donald Trump X David Sacks

(Credit: Andrew Harnik—Getty Images)

President Donald Trump Bitcoin to benefit from the news, it tumbled 6%.

The price of Bitcoin fell from $90,400 to $85,000 within minutes of the announcement. The broader crypto market experienced a similar decline with XRP falling 8%, Solana down 6%, and Ethereum losing 5% within the hour.

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