Opinion: Trump's Bitcoin Reserve Executive Order Falls Short of Expectations, Leading Traders to 'Sell the News'

On March 7th, in reaction to the market's decline following the news of Trump's Bitcoin reserve executive order, Peter Chung, the research director of Presto Research, stated, "BTC did not show a parabolic response, suggesting that there is a certain amount of 'buy the rumor, sell the news' activity in the market. The news has just been out for an hour, so the market may fluctuate in the next few hours as it processes various conflicting forces." Nick Ruck, the director of LVRG Research, pointed out that traders "feel disappointed" because the Bitcoin reserve announcement "was not as optimistic as they had hoped." Since the reserve funds would come from Bitcoin obtained through criminal or civil asset seizures rather than government-purchased Bitcoin. This statement became a sell-off news event as the expected discrepancy dampened the expected buying pressure in the cryptocurrency market. Meanwhile, Chung of Presto noted that it is worth paying attention to whether the US will mention how to acquire more Bitcoin in a budget-neutral manner and provide more details on how to handle non-BTC assets (The Block).