The Aftermath: Bitcoin Retreats Under $90K Following Sunday’s Market Frenzy

Crypto Market Rallies on Trump’s Post, But Momentum Fades

President Trump’s Sunday social media post about a potential U.S. crypto reserve sparked a massive rally in digital assets, but much of those gains are fading as Monday’s trading unfolds.

Bitcoin (BTC) has dropped about 5% in the last hour, now sitting at $89,500—still above its pre-announcement level of $85,000 but well off its peak of $95,000. Other assets mentioned by Trump, including ether (ETH), solana (SOL), XRP, and cardano (ADA), also remain up from Sunday but have given back a large chunk of their initial spike.

Not everyone is convinced the rally has staying power. BitMEX founder Arthur Hayes was quick to pour cold water on the excitement, stating, “Just talk for now. Call me when Congress actually funds this—until then, they have no money to buy Bitcoin or anything else.”

Lekker Capital CIO Quinn Thompson, known for his recent bearish calls, was even harsher in his critique. “If you’re excited about this, I don’t know what to tell you. Endorsing two of the most controversial projects in crypto isn’t a win—it’s a disaster. Either this administration is clueless or compromised.”

Thompson also warned traders that this could be yet another “sell the news” moment, saying, “The Trump team is about to hand crypto traders their 10th exit opportunity of the year.”

Stocks tied to the crypto market have also seen early gains fade. Coinbase (COIN), Strategy (MSTR), Semler Scientific (SMLR), and Hut 8 (HUT) all surged at the open but are now pulling back.