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The price of bitcoin (BTC-USD) continues falling despite efforts by President Donald Trump to give the crypto world more of what it wants, including a strategic bitcoin reserve that the administration touted at the end of last week while hosting crypto executives at the White House.
The world’s largest cryptocurrency fell below $78,000 on Monday, hitting its lowest level since the days following Trump’s election victory last November. It is now down 28% from its all-time high above $109,000 reached the day of Trump’s inauguration in January.
Other digital assets beyond bitcoin also fell Monday, including ethereum (ETH) and XRP (XRP). Coinbase (COIN), a cryptocurrency exchange, dropped more than 17% Monday.
As of 11:51:00 AM UTC. Market Open.
BTC-USD ETH-USD XRP-USD
Trump’s pro-crypto stance was enough to lift digital assets higher in the period after his November election due to widespread optimism about a more favorable approach to the industry in Washington, D.C.
But that pro-crypto stance is no longer enough to overcome a variety of other economic worries, including growing concerns about the US economy and Trump’s unpredictable trade policy. Bitcoin’s price has whipsawed in recent weeks in its worst correction since a 2022 meltdown.
“While the early parts of the crypto sell-off in January and early February had nothing to do with the global macro picture, the last two weeks have 100% been driven by the equity market tantrum,” Jeff Dorman, chief investment officer for crypto asset manager Arca, said in a Monday note.
“It’s the macro conditions that are freaking everybody out right now.” added JP Richardson, the CEO of cryptocurrency wallet platform Exodus (EXOD), in an interview with Yahoo Finance Monday. “Those of us that are in the industry remain hyper bullish…I’m trying to buy as much bitcoin as I can right now.”
Of the move downward in recent weeks, he said that “I think this is very temporary,” noting that “we have the best setup for a bull market in crypto to come. I mean, now we have a pro bitcoin administration. We have a bitcoin national reserve in place.”
Richardson was among the industry figures who attended the White House summit Friday.
But there was also some disappointment within the crypto industry about Trump’s bitcoin reserve announcement last week.
Some were hoping the government would make it clear that it would be buying more digital assets, as opposed to simply seeding the stockpile with crypto already seized in legal proceedings.
“The market reaction reflects a reset in expectations,” Haider Rafique, chief marketing officer for crypto exchange OKX, said via email.
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