Bitcoin falls after Trump's crypto task force announcement

Shafaq News/ Bitcoin's value dipped after US President Donald Trump's executive order to establish a task force on crypto assets fell short of expectations.

The executive order created a task force to advise the White House on crypto asset policy and assess the feasibility of creating a reserve for these assets, which may include cryptocurrencies seized by the government during investigations.

Trump signed the order on Thursday in Washington, in the presence of David Sacks, the White House's "czar" for artificial intelligence and cryptocurrencies.

Zohair Ebtekar, founder of the "Split Capital" crypto fund, commented, "What the crypto communities on X wanted is entirely different from reality. If you think about it, even the US government buying just one Bitcoin would have a significant impact, as all other governments would follow suit. Evaluating the possibility of creating a national reserve of crypto assets means optimism as much as the news can be real."

The largest cryptocurrency by market value had slightly increased after Trump signed the executive order, rising by 2.7% to reach $106,850. However, it pared these gains after the order details were revealed. Currently, Bitcoin has declined by less than 1%.