Bitcoin tumbles 9%, reversing most of the rally from Trump's crypto reserve announcement

Meanwhile, stocks tied to cryptocurrencies also reversed direction. Coinbase and Robinhood fell 5% and 6%, respectively. Shares of MicroStrategy swung from a 14% rally when the market opened to trading down more than 3% Monday afternoon. Bitcoin was last trading down 9% at $85,000 level, according to Coin Metrics. Ether is trading down about 15% at $2,100. Over the weekend, Trump announced the creation of a strategic crypto reserve – a pivot from the "bitcoin stockpile" he previously touted – that he said will include ether, XRP , Solana's SOL token and Cardano's ADA , in addition to bitcoin. Bitcoin rose as high as $95,000, while the smaller coins rocketed double digits. It was welcome news to investors, who have been anxious for cryptocurrencies to come out of their consolidation. Last week, bitcoin fell under the key $90,000 level for the first time in three months to, at one point, 25% below its January all-time high. That break below support put it at risk of a bigger slide tow ... Read full article.