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Crypto Price Drop
Bitcoin prices dropped nearly 4 percent to $89,251.51 level at 8:30 p.m. (IST) on Monday, March 3, compared to its $92,807 level on Sunday, March 2, according to data collected from Coinmarketcap.
Bitcoin was trading at $90,573.10 at 11:07 p.m. (IST) on Monday, March 3. On Sunday, the benchmark cryptocurrency jumped over the $95,000 level after United States President Donald Trump announced his plans to create a Crypto Strategic Reserve.
Bitcoin’s market capitalization dropped nearly 4.6 percent to $1.79 trillion on Monday’s crypto market session.
The cryptocurrency market as a whole, not just Bitcoin, followed Bitcoin’s lead because cryptocurrency investors saw Trump’s move as positive, which is in line with the Trump administration’s views on boosting the nation’s crypto industry.
“U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA,” said Donald Trump in his post on Truth Social.
Crypto coins performance
US President Donald Trump also mentioned other crypto coins like Ethereum, XRP, Solana, and Cardano in his post. The coins jumped after the announcement but are trading lower than their levels 24 hours ago.
The second major digital currency, Ethereum, lost 9.16 percent and was trading at $2,261.83 on Monday.
XRP token (XRP) token dropped 9.47 percent to $2.59, with the market cap of the digital asset at $150.43 billion, according to Coinmarketcap data.
Cardano token (ADA) lost nearly 7 percent and was trading at $0.9536 with a market cap of $33.57 billion, as per the data. Solana token (SOL) was trading nearly 8 percent lower than its level in the previous trading day at $155.55.
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