Crypto wipes out gains as Trump's reserve plan lacks details

But bulls remain undeterred about digital currencies under current U.S. administration

The Trump administration's announcement that it will create a reserve, including lesser-known, more thinly traded cryptocurrencies, has already drawn criticism from some Republicans and billionaires. © Reuters

LISA KIM

March 4, 2025 15:27 JST

TOKYO -- Cryptocurrency prices on Tuesday wiped out short-lived gains from the previous day, as enthusiasm over U.S. President Donald Trump's plan to create a strategic reserve of digital assets waned due to a lack of details.

Bitcoin, the largest digital currency by market cap, traded at $83,551.59, down 10% as of 11:03 a.m. Tokyo time, though it is still higher since Trump's reelection, according to CoinGecko.