Bitcoin and Ethereum Experience Sharp Declines After Presidential Address

In a surprising turn of events, Bitcoin, the leading cryptocurrency by market value, saw a significant drop of over 4% following remarks made by United States President Donald Trump at the White House Digital Asset Summit. This decline reflects the crypto community's reaction to the President's latest comments on digital assets.

During the summit, President Trump emphasized the establishment of a strategic Bitcoin reserve, which he referred to as a "digital Fort Knox." He also mentioned his administration's plans to explore further acquisitions of Bitcoin and to dismantle federal bureaucracy's opposition to cryptocurrencies. Despite these announcements, the crypto market's response was less than favorable, with Bitcoin's price falling to $85,997 by 4:11 pm ET. Similarly, Ethereum experienced a downturn, dropping 3.51% to $2,125.