Presidential Candidate Trump courted the favor of the crypto industry but it appears that the honeymoon is over. While the President announced a crypto reserve (something we don’t need), crypto fans probably didn’t expect all he meant was that they’d take ownership of the crypto already being held by the Treasury (the result of forfeitures).
The crypto summit that crashed crypto [Sherwood] – “While the summit is being hailed by many as a positive step for the industry, most of the frustration centers around the executive order and the suggestion that the government would not buy additional bitcoin for the reserve, which was reiterated during the summit.”
Markets got a bit ahead of their skis!