Bitcoin dropped over 6.5%, briefly slipping below $98,000 on Monday in Europe, as traders locked in profits following President Donald Trump’s executive order emphasizing crypto as vital for US innovation. Other cryptocurrencies saw sharper declines, with Solana and XRP falling 11% and 14%, respectively, while Ether lost more than 8%.
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The executive order, issued Friday, created a working group to propose a regulatory framework for digital assets within six months and assess the potential for a US crypto reserve. However, the lack of an immediate Bitcoin reserve disappointed some investors.
“Markets priced in much of the executive order’s impact,” said Sean McNulty of FalconX. Bitcoin is up over 50% since Trump’s November election win, with his pro-crypto stance bolstered by industry donations during the campaign.
By 7:54 a.m. London time, Bitcoin traded at $99,227.
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