Bitcoin has continued its recent decline, falling by as much as 3.7% today and trading at $82,000. The cryptocurrency has dropped 10% over the past week.
Today, the broader crypto market declined by 7%, as investors predicted that a wave of sell-offs spurred the drop.
The fall follows Trump’s crypto-friendly summit celebrating his administration’s order to create a U.S. Bitcoin reserve and the administration’s efforts to end the “war on crypto” initiated by former President Biden.
During his summit, the President stated, “From this day on, America will follow the rule that every Bitcoin knows very well. Never sell your Bitcoin. That’s a little phrase that they have. I don’t know if that’s right or not.”
The high-profile summit in Washington, included FIFA President, Gianni Infantino, who announced the potential for a FIFA-backed digital currency. “FIFA is very, very interested, under my presidency, to develop a coin to do it from here, from America, and to conquer the 5 billion soccer fans in the world,” Infantino stated. Trump replied, “That coin may be worth more than FIFA in the end. It could be quite a coin, actually.”
The U.S. currently holds about $17 billion worth of Bitcoin.
By CEO NA Editorial Staff
