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Bitcoin Dips Below 85000 Amid Trump Crypto Policy Scrutiny

Coin WorldFriday, Mar 7, 2025 7:01 pm ET
1min read

Senator Elizabeth Warren has called for the public disclosure of financial filings from David Sacks, who was recently appointed as the crypto policy chief by President Donald Trump. This demand follows Trump's executive order to establish a U.S. Strategic Bitcoin Reserve and introduce new crypto regulations. Warren's request is intended to address potential conflicts of interest and ensure transparency in the administration's crypto policies.

Sacks has denied holding significant indirect crypto assets and stated that he had liquidated all his cryptocurrency investments before assuming office. He emphasized his commitment to transparency, noting that his financial disclosures are currently under official ethics review. This move by Warren signals increasing scrutiny over the administration's crypto policies as regulatory oversight debates continue in Washington.

The establishment of the Strategic Bitcoin Reserve is part of Trump's broader agenda to integrate cryptocurrencies into the national financial strategy. The reserve will be funded by Bitcoin seized in legal settlements and forfeitures, aiming to prevent these assets from being liquidated in public auctions. This initiative is expected to reduce potential market sell pressure, as highlighted by a coinbase executive, who stated that it could ease approximately $18 billion in sell pressure.

Despite the positive policy announcement, the Bitcoin market has experienced volatility, with prices dipping below $85,000 on Friday. This downturn is attributed to macroeconomic uncertainty and hawkish readings in the US Nonfarm Payrolls report, which have outweighed optimism around Trump's pro-crypto agenda. The market reaction suggests that long-term holders are prioritizing short-term gains over holding for prolonged runs, as evidenced by significant selling pressure from long-term investors.

The White House Crypto Summit, expected to focus on improved regulatory clarity for the cryptocurrency sector, has also garnered attention. The summit is anticipated to bring major gains for tokens within the crypto strategic reserve bucket, with key altcoins like Cardano, Ripple (XRP), and Solana holding key support levels amid the summit. The market's performance overview shows that investors are reluctant to exit these top altcoins as prices approach key support levels.

In summary, the establishment of the Strategic Bitcoin Reserve and the appointment of David Sacks as the crypto policy chief have sparked both optimism and scrutiny. While the reserve aims to stabilize the market and reduce sell pressure, the market's reaction to macroeconomic uncertainties and regulatory debates continues to be a point of concern. The ongoing scrutiny and debates highlight the complex interplay

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Lucas
03/08

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alpha_mu
03/08
@Lucas Cool
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Wanderer_369
03/08
$COIN our president spoke at the ceypro summit, but the price hasn't moved much maybe it will rise by monday and open at 300$ i think i could retire i have 100 contracts with a 250 strike price next week what are the odds it will drop to 10$ 🤔 i bought it for 1.7 which is more than 1$
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cfeltus23
03/08
@Wanderer_369 What’s your target for $COIN? Are you thinking long-term hold or quick flip?
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SocksLLC
03/08
Crypto summit might bring clarity, but until then, market's on a emotional rollercoaster. Hold tight or bail?
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No-Sandwich-5467
03/08
Warren's move is like a bear in the crypto jungle. Sacks better have a solid game plan for his ethics review.
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Zurkarak
03/08
$85K dip? Seems like short-term traders are more concerned with quick gains than holding through the crypto rollercoaster.
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crentony
03/08
Trump's executive order got potential, but regulatory debates in Washington are like watching paint dry. Need more caffeine. 😴
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Eli9105
03/08
Crypto volatility vibes, HODL or take profits, y'all?
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donutloop
03/08
Sacks' ethics review is a long game play.
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Guy_PCS
03/08
@donutloop Ok bro
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foo-bar-nlogn-100
03/08
Bitcoin volatility is a reminder that crypto world is a wild west show. Buckle up, partners.
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CorneredSponge
03/08
@foo-bar-nlogn-100 Better saddle up with some HODL, or we're all just lost in the crypto dust.
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JC-YNWA
03/08
Trump's reserve might steady Bitcoin, but macro fears loom.
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DisabledScientist
03/08
@JC-YNWA What do you think about macro fears?
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bmrhampton
03/08
I'm keeping my altcoin bag mixed. Diversifying beyond BTC, just in case the market gets more unpredictable. What's your play?
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LogicX64
03/08
Sacks says no significant crypto holdings, but transparency is key. Ethics review should keep him on his toes.
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BURBEYP
03/08
Strategic Bitcoin Reserve could be a game-changer if it stabilizes the market. But will it be enough to calm the jitters?
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rvnmsn
03/08
Warren's move could shake market confidence, no FOMO.
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Searchingstan
03/08
Trump's crypto play might be bullish in the long run, but macro uncertainty is the real bear on the market.
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