Bitcoin fell below $100,000 on Monday morning, exactly a week after hitting a historic high of over $109,000.
By 09:45, the leading cryptocurrency had dropped 5.9% to $98,800. Over the past week, it has declined by 8.6%.
Investors appeared disappointed by the lack of concrete actions following US President Donald Trump’s announcement about establishing strategic reserves in cryptocurrency.
“Investors are hoping for concrete decisions regarding the future of Bitcoin and other cryptocurrencies in the United States,” commented Timo Emden, an analyst at Emden Research. According to Emden, participants expect regulatory easing and the introduction of strategic reserves in Bitcoin.
“The expectations for Trump are high, so is the potential for disappointment,” added Mr. Emden.
Last Thursday, the new US president signed an executive order to promote cryptocurrencies. The Trump administration will create a specialised task force in this field.
