President Trump set off the mother of short squeezes on Sunday with his crypto reserve post, but gains are quickly reversing during early U.S. trading on Monday.
Bitcoin (BTC) has slipped about 5% in the past hour, now trading at $89,500. It’s still up from roughly the $85,000 area prior to the president’s social media post Sunday but down from as high as $95,000.
The other cryptos mentioned by Trump – ether, solana, XRP and cardano — all remain nicely higher from Sunday, but have also given back sizable portions of their gains.
“Nothing new here,” wrote Arthur Hayes of Trump’s crypto reserve posting. “Just words. Let me know when they get congressional approval to borrow money and or revalue the gold price higher. Without that they have no money to buy bitcoins and shitcoins.”
Also not feeling the love was Lekker Capital CIO Quinn Thompson, who notably nailed the bear move in crypto over the past weeks. “If you’re in crypto and…
