Bitcoin (BTC) Drops Below $78K After Trump Signs Executive Order

Bitcoin lost about 5% of its value and dropped to $78,300 during the week. The drop occurred after the signing of the decree of US President Donald Trump

Bitcoin (BTC) dropped 5% over the past week, falling to $78,300 during the period of March 7-10, according to data from CoinGecko.

The drop in the flagship cryptocurrency's price occurred after the signing of the decree of the US President Donald Trump on the creation of the Strategic Cryptocurrency Reserve which will consist exclusively of confiscated assets, without new government procurement.

The cryptocurrency market showed signs of recovery in February, with BTC rising to a 10-month high of $91,000 in mid-February. However, the subsequent actions of the US president and the administration led to a renewed downturn.

During a recent interview on March 7, Trump stated his intention to include well-known tokens like XRP, Ethereum (ETH), Solana (SOL), and Cardano (ADA) in the digital asset reserve, which will be managed by the Treasury Department. These tokens were not mentioned in Trump’s executive order.

Moreover, shares of cryptocurrency companies also suffered losses. Strategy Inc., Coinbase Global, and MARA Holdings experienced declines of about 12-13%. The reasons were not only the general decline in the crypto market but also concerns about the possible economic consequences of the Trump administration's tariff policy.

The high-profile Crypto Summit with the participation of crypto industry leaders held in Washington on March 7 did not help improve market sentiment.

Since the beginning of February, investors have withdrawn $4.4 billion from a group of US exchange-traded bitcoin funds that played a key role in the token's record growth last year.

By data CoinGecko, the largest crypto asset has now fallen by 25% from its record high of $109,241, and the crypto market has lost more than a trillion dollars in market capitalization since its peak.

"Bitcoin may well fall to the $70k-$80k range in the coming weeks. Only when this tariff war is over and the Fed resumes rate cuts will the leading cryptocurrencies return to their previous historical highs," said Jeff May, COO of the BTSE cryptocurrency exchange.

Amid fears of a recession in the US, stock markets also suffered heavy losses:

• Apple shares decreased by 2.9%, erasing Monday's gains.

• Shares of Alphabet, the parent company of Google, dropped by 1.5%.

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The high-profile Crypto Summit in Washington D.C. did little to help market sentiment.

Since the beginning of February, investors have pulled $4.4 billion from a group of U.S. exchange-traded bitcoin funds that played a key role in the token’s record growth last year.

According to data from CoinGecko, the world’s largest cryptocurrency is now down 25% from its all-time high of $109,241, and the crypto market has lost over a trillion dollars in capitalization since its peak.

"Bitcoin may well fall to the $70k-$80k range in the coming weeks. Only when this tariff war is over and the Fed resumes rate cuts will the leading cryptocurrencies return to their previous historical highs," said Jeff May, COO of the BTSE cryptocurrency exchange.