Despite some big news that happened in crypto in the last 24 hours, the market is again “bleeding” today. Total market cap is down around 3.2% and is now at $2.9 trillion.
After trading well-above $90k yesterday for the first time in March, the Bitcoin price plunged 3.5% today and is now below $89k.
All major altcoins such as Ethereum, Cardano or Solana are down 4-7% respectively during the same timeframe.
What you'll learn 👉
Major Crypto Developments
In the past 24 hours, the crypto world saw a few important developments. President Trump officially signed an executive order to establish a Bitcoin reserve in the US. This order includes all federally seized Bitcoin and prevents the US from selling any of its reserve holdings.
GM, if you missed the past 24 hours in crypto, here's your full recap – no fluff, just facts.
— Miles Deutscher (@milesdeutscher) March 7, 2025
🚨—- Major Headlines —-🚨
→ President Trump has officially signed an executive order to establish an $BTC reserve in the US.
→ The bill includes all federally seized $BTC and… pic.twitter.com/NP7khbOYSJ
David Sacks revealed that the U.S. has sold approximately 195,000 Bitcoin over the past decade, missing out on over $17 billion in potential gains had they held onto these assets. Sacks also announced plans for a digital stockpile for assets beyond Bitcoin, noting that “the government will not acquire additional assets for the stockpile beyond those obtained through forfeiture proceedings.”
Meanwhile, BlackRock has resumed purchasing Bitcoin after nearly two weeks of inactivity. Their total Bitcoin holdings are now valued at approximately $52 billion. Additionally, Mt. Gox has moved about $1 billion worth of Bitcoin, as reported by Arkham.
Why Is The Market Declining Despite Positive News?
The market is down today even though we’ve seen good news. This looks like a classic “sell the news” situation. Traders often buy crypto before big announcements and then sell once the news actually comes out, no matter how positive it is.
Most of these developments, especially Trump’s executive order, weren’t surprises. People had been talking about them for weeks, so the price already went up in anticipation. Once the official announcement happened, many traders simply decided to cash out their profits.
The Mt. Gox movement of $1 billion in Bitcoin probably scared some investors too. When large amounts of Bitcoin move from old wallets like this, people worry about potential selling pressure hitting the market.
We should also remember that markets rarely go straight up. After Bitcoin’s run past $90k, a pullback isn’t unusual, especially during the sluggish market conditions since the start of February. These dips often happen after quick price jumps as the market takes a breather before deciding what to do next.
Read also: Robert Kiyosaki Says Investors Who Sold Bitcoin During the Crash Are ‘Losers’ – Here’s Why
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