Bitcoin looked set to cap off a volatile week with another decline on Friday as disappointment around president Donald Trump’s crypto plans saw investors jump ship.
At $88,101, the cryptocurrency was down 2.1% after news on Thursday that Trump had signed executive orders to create a bitcoin reserve and a digital asset stockpile.
Bitcoin had slumped towards the $82,000 mark initially in the wake of the orders, which had long been tipped, down from the $94,000 level seen early in the week.
Deutsche analysts noted disappointment stemmed from the announcement Trump’s reserve and stockpile would include assets already owned and not require new government funding.
“It is good news, but not what the market wanted in the short term,” Swan Bitcoin’s Steven Lubka added, “people were hoping for near-term buy pressure”.
Smaller tokens also came under pressure on Friday, with ether down 0.9% at $2,183 and ripple off 3.8% at $2.50.