More volatility, and more on the US Bitcoin Strategic Reserve
CRYPTOCURRENCY markets have slipped back into negative territory after a brief rebound, reinforcing this week's volatility.
Despite today's pullback, many cryptocurrencies have pared some of the steep losses from last week's sell-off. Bitcoin is trading around $89,000 this morning, down roughly 3.7% on the day but up 12% over the past seven days.
Ethereum (ETH) mirrors this pattern, declining 4% overnight while gaining around 4% on the week.
In the US, President Trump signed an executive order establishing a Bitcoin Strategic Reserve, positioning the US among a few countries holding cryptocurrency as part of national reserves. David Sacks, the newly appointed US Crypto Czar, said on X that the reserve would be funded with Bitcoin seized in criminal or civil asset forfeiture proceedings, with no additional cost to taxpayers.
However, the broader implications of the order have sparked mixed reactions. The directive also establishes a US Digital Asset Stockpile, made up of digital assets other than Bitcoin obtained through forfeiture. The government will not actively acquire additional cryptocurrencies for the stockpile, dampening earlier speculation that the US might begin actively investing in cryptocurrencies.
While some industry voices view the move as a missed opportunity, others see it as a significant step toward integrating crypto into the broader financial system. Market participants will be watching closely as more details of the policy emerge in the coming weeks.
In the markets
🌍 Total crypto market cap ⬇️
The global cryptocurrency market capitalisation is currently approximately $2.9 trillion, showing a 3.19% decrease over the past 24 hours.
🟠 Bitcoin (BTC) ⬇️
- Price: Currently trading at $88,333 reflecting a 3.53% decrease in the last 24 hours.
- Daily high: $91,678
- Daily low: $84,971
💎 Ethereum (ETH) ⬇️
- Price: Currently trading at $2,185, reflecting a 4.56% decrease in the last 24 hours.
- Daily high: $2,307
- Daily low: $2,104
📈 S&P 500 ⬇️
The S&P 500 index is currently up by 1.78% from the previous close.
😬 Fear & Greed Index
The Crypto Fear & Greed Index is currently at 30, signalling Fear among investors.
📊 Bitcoin Relative Strength Index (RSI) (14)
The 14-day RSI for Bitcoin is at 47, indicating that the asset is neither oversold nor overbought.
Post Script…
Cautionary Notes
It's definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
