Bitcoin Price USD | Bitcoin prices are experiencing a significant drop on Monday. This decline occurred after US President Donald Trump ordered the creation of a strategic Bitcoin reserve for America. Since then, Bitcoin prices have been fluctuating. On March 10, the price of Bitcoin fell by 5.47% to $81,712. This reserve will be filled with Bitcoins that have been seized in criminal and civil cases.
The US government has no plans to purchase additional Bitcoin. Following the announcement of this reserve last Thursday, investors in the crypto market were disappointed as the government did not take any significant action.
On Monday, the prices of other cryptocurrencies such as Ether and XRP also fell. According to the Singapore Times, by 9:43 AM, both currencies had dropped by nearly 7.5%.
Steps taken for the strength of the dollar
President Donald Trump said on Friday that he would support efforts to create regulations for stablecoins to ensure that the US dollar remains the strongest currency in the world. Trump and crypto czar David Sacks held a meeting with major players in the crypto industry in Washington, referred to as the White House Digital Assets Summit.
According to Bloomberg, at this meeting, Trump stated, “I fully support those leaders in Congress who are working to create regulations for dollar-backed stablecoins and the digital assets market. They are working very hard on this.”
Biden administration accused of selling billions of dollars in Bitcoin
Treasury Secretary Scott Basset stated that he would work with regulators to update the rules established by the Biden administration. Trump accused the Biden administration of selling billions of dollars in Bitcoin and claimed that his administration would not do so.
