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Trump's federal Bitcoin reserve order leaves the crypto market unenthused

'This is a pig in lipstick,' one crypto hedge fund founder posted. On Friday, bitcoin's value was down nearly 20 percent from its all-time high in January.

With that turbulence as a backdrop, the cryptocurrency industry hoped Thursday's executive order establishing a federal Bitcoin reserve would at least spur a surge in the blockchain ecosystem. "This is the most underwhelming and disappointing outcome we could have expected for this week," Charles Edwards, founder of the crypto-focused hedge fund Capriole Investments, posted on X ( via Reuters). Reuters reports that analysts believe the market needs a reason to become bullish again, like a clearer pro-crypto regulatory policy or signs that the US Federal Reserve plans to cut interest rates.

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