Bitcoin slides 31% from peak after Trump confirms crypto surprise

Trump confirmed a surprise bitcoin-linked announcement while the Strategic Bitcoin Reserve remains stalled and BTC trades 31% below the level when he first ordered its creation.

Bitcoin traded at $64,200 as of 10:30 UTC on Wednesday, down about 31% from the $93,000 level when Trump signed an executive order in March 2025 to create a Strategic Bitcoin Reserve, according to CoinGecko data. The decline accelerated after Trump told reporters at a NATO summit in Turkey that his ceasefire with Iran was "over," sending oil prices up 6% and adding to risk-off pressure across markets.

"President Trump campaigned on a vision of cementing America as the global capital of cryptocurrency," White House spokesperson Liz Huston said in a statement. "To deliver on the president's vision, the Trump administration continues to evaluate the best structure for a Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile."

Speaking on the newly introduced Trump Accounts — which open with $1,000 in free cash for every eligible baby — Trump said bitcoin could eventually be added to the accounts, adding that "something could happen" when asked about the asset. He also said he is "a big fan of crypto." The comments come 16 months after his executive order, which has yet to produce a functioning reserve.

The reserve plan has hit two obstacles, according to people familiar with the matter. The Treasury and Commerce departments are each making a case to run the reserve, and questions have arisen over whether Treasury has the legal authority to manage the holdings. The Justice Department's Office of Legal Counsel "is working closely with both the Treasury and Commerce departments to determine legally available options," a department spokesperson said. A bill from Senator Cynthia Lummis and Representative Nick Begich that would codify the order and target acquiring 1 million bitcoin over five years has not advanced in Congress.

The government holds more than 300,000 bitcoin worth more than $20 billion at current prices, according to Arkham Intelligence data. The White House has said premature sales of seized bitcoin cost taxpayers about $17 billion over the years. Trump has built a personal bitcoin position of more than $50 million, according to his recent financial disclosure.

The administration's chief crypto adviser, Patrick Witt, said in April that he expected a major announcement within weeks — a statement that has not materialized. If Republicans lose their House majority in the November midterm elections, the prospect of legislative approval for the reserve could dim further.

This article is for informational purposes only and does not constitute investment advice.