TLDR
- Bitcoin fell 4.2% to $82,417.7, approaching a four-month low
- Trump’s national Bitcoin reserve will use seized crypto, not new purchases
- White House crypto summit yielded few regulatory details
- Broader crypto market declined with Ether briefly dropping below $2,000
- Economic uncertainty and Trump’s tariff plans weighing on risk assets
Bitcoin’s price dropped to $82,000 on Monday as traders showed little excitement over President Donald Trump’s recent crypto initiatives. The cryptocurrency extended its losses despite the announcement of a national Bitcoin reserve and a White House crypto summit.
The world’s largest cryptocurrency fell 4.2% to $82,417.70. This decline brought Bitcoin close to a four-month low, though it maintained its position above the $80,000 mark.
$BTC Price Update
🔹 Price trying to find support on the 200 day moving average but looking heavy
🔹 Bids placed in the 73K-68k demand zone in case we get a flush
🔹 All eyes on the stock market this week!#Bitcoin #Crypto #BTC pic.twitter.com/Q9vBwG2xT9
— Trader Edge (@Pro_Trader_Edge) March 9, 2025
President Trump signed an executive order last week to create a national Bitcoin reserve. The reserve will also include four other cryptocurrencies – Ether, XRP, Solana, and Cardano.
The order did not include plans for fresh crypto purchases using taxpayer funds. Instead, Trump directed his trade and commerce secretaries to explore “budget-neutral” strategies to buy Bitcoin.
The Bitcoin reserve will be formed using seized crypto already held by the government. This primarily includes digital assets in the possession of the Department of Justice.
While the reserve indicates the government will not sell more tokens, the lack of buying measures means little market impact. This disappointed crypto supporters who had hoped for more aggressive government purchasing plans.
The White House hosted a summit of crypto executives on Friday. Trump’s Bitcoin reserve was the main focus of discussion at the meeting.
The summit did not provide details about Trump’s plans for crypto regulation. Participants only shared general expressions of optimism about the future of cryptocurrency.
Crypto-friendly policies promised
Trump has promised to implement crypto-friendly policies. Several of his key regulatory appointees have pro-crypto stances, giving hope to industry supporters.
Other cryptocurrencies also retreated on Monday. Ether fell 5.4% to $2,067.28, briefly dropping below $2,000 and reaching its weakest level since late 2021.
XRP declined 5.9% to $2.1954 in the same period. Solana decreased by 7.9%, while Cardano dropped 8.4% as the entire market faced pressure.
Meme tokens were not spared from the downturn. Dogecoin lost 8.8%, and $TRUMP slid 8.2% to a record low.
Sunday trading saw an even steeper decline. Bitcoin dropped to exactly $80,000 at one point, down 7% over 24 hours, though it recovered slightly to $80,700.
In a Fox News appearance on Sunday, President Trump acknowledged that his policies might cause short-term economic disruption. He compared the U.S. approach to China’s longer-term perspective.
Investors are now focusing on upcoming U.S. inflation data. These figures will provide more information about the economy and potential interest rate movements.
This week’s economic reports gain importance following a mildly disappointing nonfarm payrolls reading for February. Traders are watching for signs of economic slowdown amid uncertainty.
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