Bitcoin falls as much as 6.5% as volatility continues after Trump's bitcoin reserve plan
President Donald Trump's executive order to create a U.S. strategic bitcoin reserve disappointed investors.
Bitcoin fell on Monday as volatility in the price of the world's largest cryptocurrency continues following an executive order signed by President Donald Trump to create a strategic bitcoin reserve for the United States.
Earlier Monday, bitcoin prices slipped up to 6.5% to trade around $80,650 before paring most losses. By 4:12 a.m., the coin was down 0.74% at $82,050, according to Coin Metrics.
The reserve will be funded by coins that have been seized in criminal and civil forfeiture cases and there are no plans for the U.S. government to buy more bitcoin. After the strategic reserve announcement last Thursday, crypto prices declined as investors were disappointed it wasn't a more aggressive program.
Other cryptocurrency prices also proved volatile on Monday. Both ether and XRP were trading in the green by 4:12 a.m. after earlier falling around 7.5%.
Some investors, however, said the move to establish a reserve was bullish in the long-term.