Bitcoin, Ethereum and other major crypto currencies surged Sunday after President Donald Trump announced plans to include assets in the proposed U.S. Crypto Reserve. Bitcoin’s value has dropped by thousands of dollar on Monday.
Bitcoin currently trades at $90.529. This is after the rapid decline of nearly $4000 that brought it back under $90,000. It's still showing a nearly 4% rise over the past day, but is down after nearly touching $95,000 on Sunday.
Bitcoin, however, has made a significant recovery since Friday’s dip below $79,000.
Ethereum is back just below $2,300 after rising above $2,500 on Sunday, while XRP, Solana, and Cardano—the three other assets that Trump said would comprise a planned U.S. reserve—have likewise given up some of their towering gains from Sunday.
The S&P 500 and Nasdaq are both down slightly Monday amid fears over the impact of Trump's trade tariffs, plus ongoing inflation concerns. Gold is also up on the day by 1.66 percent, currently sitting at $2 895.
Mark Connors is the chief investment strategist at Risk Dimensions and the founder of its Bitcoin advisory. Decrypt that he believes Trump's Sunday posts were intended to "set a better tone" ahead of a planned White House crypto summit on Friday, but that the short-term pump can't erase the bigger markets forces still at play.
"Last month’s poor market sentiment remains unchanged," Connors, said
Editor's note: This story was updated after publication with additional details.