Capital Economy, Business and Finance
Bitcoin has fallen back to $87,000, close to the price it was trading at before Trump announced the launch of a US cryptocurrency reserve.
At 10.24 on Sunday morning, the president posted plans for a strategic stockpile that included the cryptocurrencies Ripple, Solana and Cardano.
At 12.11pm, he posted an update clarifying that the more established Bitcoin and Ether cryptocurrencies would also be included. By that time, the value of the first three had increased by up to 62 per cent.
Trump’s crypto czar, David Sacks, has been a major investor in Solana and the venture firm he founded has stakes in all five currencies.
Sacks says he has sold all his direct crypto holdings but “retains stakes in a small number of crypto start-ups”, per the FT.
