Transcript:
Caroline Woods: The world’s largest cryptocurrency has continued its slide, with Bitcoin dropping into the low 80 thousands. Bitcoin was hovering around $96,000 just a month ago – but has seen a steep decline, even with a new crypto executive order signed by President Trump.
The new mandate was put in place to create a US strategic Bitcoin reserve and crypto asset stockpile for the U.S. According to the order, the reserve will be funded by coins that have been seized in criminal and civil forfeiture cases.
Related: Bitcoin could hit $150,000 this year
However, the U.S. government has no plans to purchase more of the cryptocurrency – with Trump-appointed crypto czar David Sacks saying the U.S. is looking for “budget-neutral strategies for acquiring additional bitcoin, provided that those strategies have no incremental costs on American taxpayers.”
Bitcoin peaked at a high of more than $106,000 in December of 2024 – and is still up roughly $30,000 a coin over the last 6 months. Investors are now closely eying the $82,000 support level.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Caroline Woods with TheStreet.
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