Trump's federal Bitcoin reserve order leaves the crypto market unenthused

With US stocks unstable, consumer confidence in the economy plunging and whispers of a potential recession growing less muted, the economy under President Donald Trump's second term has been about as stable as a recovering addict's first week back on blow. With that turbulence as a backdrop, the cryptocurrency industry hoped Thursday's executive order establishing a federal Bitcoin reserve would at least spur a surge in the blockchain ecosystem. Instead, Bitcoin's value has dropped sharply, and one crypto-focused hedge fund founder called Trump's order "the most underwhelming and disappointing outcome we could have expected for this week."

After Trump posted in January that he would sign an executive order to establish a crypto stockpile, the market responded enthusiastically and prices rose accordingly. Bitcoin spiked to an all-time high of over $109,000 in January (after surpassing the $100,000 mark for ...