Bitcoin and other major cryptocurrencies experienced a significant drop in value after the announcement of Donald Trump's Bitcoin Reserve executive order. Bitcoin fell to an intraday low of $84,713, erasing recent gains from its peak of $90,000. The market capitalization of the crypto economy dropped by 4.55%, with all top 10 cryptocurrencies sliding. The vagueness of the executive order led to profit-taking and amplified the sell-off. This resulted in the liquidation of $101 million in bitcoin long positions and $245 million wiped out across crypto markets in 24 hours. The drop highlights the sensitivity of the crypto market to policy signals, and analysts predict further volatility as the White House Crypto Summit approaches.



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