US President Donald Trump signed an executive order Monday afternoon directing the Treasury and Commerce Departments to create a sovereign wealth fund, marking a step toward building a national stockpile.
Donald Trump’s Order and National Crypto Stockpile
Although bitcoin was reportedly not mentioned during the signing, such a fund could, in theory, serve as a step for the government’s purchase of the cryptocurrency. Speaking from the Oval Office alongside Trump, Treasury Secretary Scott Bessent who has shown at least a measured interest in crypto, shared that he anticipates the sovereign wealth fund will take shape within the next year.
Meanwhile, Commerce Secretary nominee Howard Lutnick has been an staunch advocate for the crypto industry. Lutnick’s firm, Cantor Fitzgerald, serves as the custodian for Tether’s vast government bond holdings, and he has openly discussed his own significant personal investment in bitcoin (BTC).
Following the signing news, bitcoin saw a significant uptick, reaching $99,600. Currently, Bitcoin is trading at $101,648.58 after a surge of over 4.5% in the past day.
With many factors including Trump’s tariff policy, high liquidation converging, Bitcoin and other cryptocurrencies were witnessing severe slump till yesterday. However, currently, the global cryptocurrency market cap today is $3.49 Trillion, a 2.2% change in the last 24 hours. As for liquidation, that too has gone down by a significant figure. In the past 24 hours, 509,259 traders were liquidated , as a result, the total liquidations came in at $1.70 billion.
Also Read: Donald Trump’s Crypto Czar David Sacks to Hold Press Conference Tomorrow
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