Market crashes as President Trump signs strategic Bitcoin stockpiling executive order... 5% of market capitalization disappears

The cryptocurrency market has plummeted despite the US administration of Donald Trump announcing that it had signed an executive order to stockpile strategic Bitcoin.
According to The Block, on the 6th (local time), White House cryptocurrency adviser David Sachs said,
"President Trump has just signed an executive order to establish a strategic Bitcoin reserve," the company said, revealing that the reserve will be funded with Bitcoin held by the U.S. federal government.
This is one of the assets seized through criminal or civil forfeiture proceedings. The U.S. government is currently estimated to hold approximately 200,000 BTC, and the executive order will allow the federal government to seize digital currencies.
He explained that the U.S. government will conduct a comprehensive review of the current status of its Bitcoin asset holdings. He said, "The U.S. government will not sell the Bitcoin deposited in the reserve fund, and the assets will be maintained as a store of value."
He added, "The reserve fund is the same concept as a digital Fort Knox, and it will safely store bitcoin, often referred to as 'digital gold.'"
He said that as a result of the rush to sell off Bitcoin in the past, "American taxpayers have already suffered a loss of more than $17 billion in value," and that "the federal government is now
"We now have a strategy to maximize the value of Bitcoin," he said. In addition to Bitcoin, the executive order also includes provisions to establish a U.S. digital asset reserve made up of confiscated virtual currencies.
However, he made it clear that the government has no plans to purchase additional virtual currencies, and that there will be no additional acquisitions beyond those secured through the confiscation process.
This means that there is no chance that the government will purchase cryptocurrencies such as Ethereum (ETH), Ripple (XRP), Solana (SOL), or CalDano (ADA).
This is consistent with what President Trump mentioned earlier this week. However, the market did not appear to be positive about the US government's digital asset stockpile plan, with "The
Following the announcement, the cryptocurrency market plummeted by more than $20 billion, or about 5%, and the total market capitalization fell again to below $3 trillion.
Immediately after the announcement, Bitcoin fell by $5,000 (approximately ¥740,000) within an hour, dropping from the $90,000 (approximately ¥13.26 million) range to $85,000 (approximately ¥12.52 million).
However, as of 3:10 pm on the 7th (Japan time), it has rebounded slightly to around $88,800 (approximately 13.08 million yen). Ethereum also fell 5% to $2,150 (approximately 320,000 yen).
Ripple (XRP), Solana (SOL), and Currency (ADA) were particularly hard hit, plummeting 8%, 7%, and 10%, respectively.