On Thursday, Republican President Donald Trump issued an executive order to establish a strategic Bitcoin reserve for the United States, hosting the first-ever cryptocurrency summit at the White House on Friday. Despite optimistic expectations surrounding these events, the cryptocurrency market reacted negatively, with Bitcoin trading at its lowest prices in recent months as of Monday.
While Bitcoin holders face short-term disappointment, the market has created an opportunity for inexpensive purchases ahead of the next bull run. Despite short-term volatility, Bitcoin is recognized for having strong institutional and now governmental support. In fact, its price has nearly quadrupled over the last two years, and experts confirm that it will continue to grow in the long term.
Take advantage of lower Bitcoin purchases through Best Wallet (BEST)
Bitcoin’s Price Drops 11% Over the Last 5 Days
President Trump announced the creation of a strategic Bitcoin reserve on Thursday, followed by the cryptocurrency sector’s leader summit on Friday, where he detailed the key points of his pro-crypto plan.
The Strategic Cryptocurrency Reserve of the USA will consist of Bitcoins confiscated during criminal activities or acquired through civil proceedings. Current estimates suggest that the government owns approximately 17 billion dollars worth of Bitcoin.
Following Trump’s announcement, Bitcoin’s price began to decline, a trend that continued after Friday’s summit. Many had high expectations for this gathering of industry leaders and Trump administration officials.
However, the market reacted negatively. According to data from CoinMarketCap, Bitcoin has lost 11% since Thursday, trading around 82,000 dollars today, marking its lowest price in several months. Similarly, Ethereum has dropped 10%, while XRP has lost 17% of its value since Thursday.
Source: coinmarketcap.com
Bitcoin ETF Funds Facing Massive Capital Outflows
The ETF market is also experiencing a sharp decline. Despite high expectations around the crypto summit, there has been a capital outflow for the fifth consecutive week. Over the past four weeks, more than 4.5 billion dollars in net assets have exited the market, with institutional investors withdrawing nearly 800 million dollars from their funds.
The largest single-day outflow last week occurred on Friday, with 409 million dollars leaving Bitcoin ETFs. According to Farside Investors, the greatest contributors to Friday’s record outflows were Ark Invest ARKB and Fidelity FBTC ETF.
Now, let’s briefly examine what transpired at Friday’s cryptocurrency summit and why now is a good time to consider buying Bitcoin.
Key Themes from the Cryptocurrency Summit
At the event in the White House, significant leaders of the cryptocurrency industry gathered, including personalities like Brian Armstrong, CEO of Coinbase, and Brad Garlinghouse, head of Ripple.
The summit provided a first official venue for direct communication between the cryptocurrency sector and the government. Discussions highlighted that the USA is moving towards forming a clear strategy for cryptocurrencies and integrating them into the national economy. Following the summit, Bitcoin and other cryptocurrencies are set to become major political topics.
Source: shutterstock.com
A crucial aspect of the discussion was the need for transparency and auditing of digital assets. Although there is currently no specific plan for funding Bitcoin purchases, Trump emphasized that the goal of this initiative is to provide liquidity during potential financial crises. The administration plans to strategize acquiring more Bitcoins without additional costs to taxpayers.
The summit participants appreciated the government’s openness toward the cryptocurrency industry and expressed hope that this collaboration would lead to support for innovation in the sector. The summit also highlighted the importance of adequate regulation that would simultaneously protect the market from risks.
Through these developments, Bitcoin has taken a step closer to solidifying its position as a serious investment asset in the modern age.
Best Wallet Enables Affordable Bitcoin Purchases and Discounts for BEST Holders
While buying Bitcoin was a challenging process involving knowledge of blockchain and a specific Bitcoin wallet just a few years ago, today this option is accessible to everyone. Thanks to reputable platforms like Best Wallet, purchasing Bitcoin can be done in just a few minutes.
Best Wallet is now considered one of the most secure cryptocurrency service providers on the Slovak market as well as internationally. Currently, this multichain wallet is utilized by over 1 million active users. With its intuitive mobile application and robust security system, it is suitable for both novice cryptocurrency traders.
Source: bestwallet.com
In addition to Bitcoin, users can buy, sell, and manage over 1,000 of the largest cryptocurrencies, with one popular feature being the ability to generate passive income for long-term holding of cryptocurrencies in their portfolios (staking). For example, the native cryptocurrency BEST currently offers annual APY rewards of 145%.
The price of the BEST token at the time of writing is 0.024275 $. Due to its utility and strong user base, the new BEST coin has recently been ranked among the most promising cryptocurrencies in pre-sale with the potential for multiple returns.
After purchasing BEST, holders can take advantage of lower fees for buying and selling Bitcoin and other cryptocurrencies, higher staking rewards, and exclusive access to pre-sales of new tokens.
BEST can be purchased on the home page of the pre-sale or directly through the Best Wallet application. The application also supports card payments.
