The price of Bitcoin (BTC) has declined 7% after the administration of U.S. President Donald Trump held an inaugural Crypto Summit at the White House.
In the past 24 hours, Bitcoin’s price has declined 6.5% to trade as low as $80,650 U.S. before paring some of those losses to trade at $82,500 U.S.
The latest selloff comes after the Crypto Summit and plans to create a strategic crypto reserve in the U.S. disappointed investors.
In particular, investors were unimpressed by news that the crypto reserve will be funded by digital coins and tokens that have been seized in criminal cases and there are no plans for the U.S. government to buy more digital assets.
Other cryptocurrencies are seeing steeper declines today (March 10), with both Ethereum (ETH) and XRP (XRP) down about 8% each.
A lack of new measures or initiatives coming out of the Crypto Summit has also disappointed many investors, exacerbating the current pullback in prices for digital tokens.
Also weighing on crypto prices is a continued selloff in U.S. equities, with all three major indices in the red to begin the trading week.
The technology-laden Nasdaq Composite index is now in a correction, defined as a decline of 10% or more from recent highs.
Bitcoin’s price has fallen 12% so far this year.
