“Even with positive news, the market is taking a breather,” commented Sean McNulty, head of APAC derivatives at FalconX, after Bitcoin (BTC) dropped more than 6.5%, falling below the $98,000 mark.

The decline followed Donald Trump’s signing of an executive order that identified the crypto industry as a key driver of innovation in the US. According to the order, a working group must propose regulatory measures within six months and evaluate the possibility of creating a national cryptocurrency reserve. However, the document did not confirm the establishment of a Bitcoin reserve, which disappointed investors.

“The lack of a direct statement about the creation of a reserve that would immediately start buying BTC was insufficient for the market,” McNulty added.

Other cryptocurrencies also recorded significant declines. Solana (SOL) and XRP lost about 11% and 14%, respectively, while Ethereum (ETH) fell by more than 8%.

Since Trump’s election victory in November, Bitcoin has risen by more than 50%. Previously skeptical of cryptocurrencies, Trump shifted his stance during the campaign, largely due to significant donations from the crypto industry. He pledged to make the US the world’s crypto capital and appointed David Sacks to oversee the development of artificial intelligence and digital assets.

Experts suggest that the market is taking profits after a string of positive developments, including regulatory appointments, ETF filings, and the new executive order from the president.