Bitcoin fades most of the strategic reserve pump

Bitcoin broke through the 61.8% retracement of Sunday’s surge higher and is now only $2500 above when Trump tweeted about a strategic reserve including bitcoin and at least 4 other cryptos.

It’s a disappointing outcome but I highlighted that Trump’s tweet had no money behind it, nor any details.

“If you read between the lines, it’s not clear exactly what has changed.
Trump’s executive order was already issued and it’s not clear if he
would have the authority to create any kind of reserve without Congress
funding it.”

Those questions are likely weighing.

Some of the thinner-traded cryptos mentioned by Trump — Cardano, Solana and Ripple — are holding up better but also at the lowest since Trump touted the reserve.

This article was written by Adam Button at www.forexlive.com.