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Ghazali S
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#BitcoinPolicyShift The U.S. Digital Asset Stockpile established by the executive order will consist of digital assets other than bitcoin that have been forfeited in criminal or civil proceedings, Sacks said. Beyond that, the government will not acquire additional assets for the stockpile. “The purpose of the Stockpile is responsible stewardship of the government’s digital assets under the Treasury Department,” Sacks said in the post. Sacks added in the post: “This Executive Order underscores President Trump’s commitment to making the U.S. the ‘crypto capital of the world.’”
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President Donald Trump signed an executive order to establish a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile, White House Artificial Intelligence and Crypto Czar David Sacks said in a Thursday (March 6) post on X. The Strategic Bitcoin Reserve will be capitalized with bitcoin seized in criminal or civil asset forfeiture proceedings and owned by the federal government, so it “will not cost taxpayers a dime,” Sacks said in the post. The executive order also calls for a full accounting of the federal government’s digital asset holdings, Sacks said, adding that there has never been such an audit and that it is estimated that the government owns about 200,000 $BTC
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President Trump has announced plans for a "Crypto Strategic Reserve," which would set up the United States to buy and sell cryptocurrency and could be a game changer for the industry. In posts on Truth Social on Sunday, Trump said a reserve was in the works as part of his executive order on digital assets issued in January. He said the reserve is slated to hold five cryptocurrencies — bitcoin, ether, solana, cardano, and $XRP
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#USCryptoReserve The move comes before a first-ever White House Crypto Summit on Friday and represents a considerable turnaround in US policy. Former President Joe Biden’s administration cracked down on the industry because of suspicions of fraudulent transactions. Trump himself was a crypto skeptic during his first term as president. At the time, he had called Bitcoin – the largest cryptocurrency – a “scam”. In his Sunday announcement, though, Trump criticised the Biden-era policies, calling them “corrupt”. Trump said a “crypto reserve will elevate this critical industry after years of corrupt attacks by the Biden administration…I will make sure the US is the crypto capital of the world. We are making America great again.”
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Why is the crypto market down today? The crypto market is down today as investors view crypto product funds outflows and the recent Bybit hack as catalysts for the market to lean bearish. The cryptocurrency market is flashing red today, with the total market capitalization dropping by 3% to about $3.1 trillion on Feb. 24. According to an article in cointelegraph, several concrete factors have contributed to the latest drop in crypto prices, including: The crypto market is still reeling from the $1.4 billion Bybit exchange hack. Investors are in risk-off mode amid continued outflows from crypto investment products. Stiff resistance on the upside stifles recovery efforts in global crypto market capitalization. Ethereum leads the market slump Today’s crypto market decline is part of a correction that started on Feb. 21, when the Bybit cryptocurrency exchange was hacked for over $1.4 billion $ETH and ETH-related tokens in the largest-ever crypto heist.
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